Dynamic choice without the completeness axiom

Abstract Robert Aumann influentially claimed that the completeness axiom in utility theory is neither descriptively accurate nor normatively compelling. Separately, it’s commonly accepted that dynamic consistency in individual decision-making is a demand of rationality. These assertions may conflict, however, even in mundane decision problems lacking any form of preference change. I characterise the most permissive preference-based choice rule which allows an agent with incomplete but transitive preferences to satisfy a strong form of dynamic consistency. The resulting behaviour is not generally rationalisable by a completed preference relation. I thereby present a challenge to—and conditions for—the simultaneous satisfaction of strong dynamic consistency and preservation of preferential gaps.

Authors

Institutions

Publication Details

Journal
Theory and Decision
Published
2026-03-04
DOI
https://doi.org/10.1007/s11238-025-10052-0
Primary Topic
Decision-Making and Behavioral Economics
Type
article
Field-Weighted Citation Impact
0.00
Controls
|||
ALL TIME
JAN
FEB
MAR
APR
MAY
JUN
JUL
AUG
SEP
OCT
article

Dynamic choice without the completeness axiom

Sami Petersen
Theory and Decision
Decision-Making and Behavioral Economics
article

Dynamic choice without the completeness axiom

Sami Petersen
article en

Abstract

Abstract Robert Aumann influentially claimed that the completeness axiom in utility theory is neither descriptively accurate nor normatively compelling. Separately, it’s commonly accepted that dynamic consistency in individual decision-making is a demand of rationality. These assertions may conflict, however, even in mundane decision problems lacking any form of preference change. I characterise the most permissive preference-based choice rule which allows an agent with incomplete but transitive preferences to satisfy a strong form of dynamic consistency. The resulting behaviour is not generally rationalisable by a completed preference relation. I thereby present a challenge to—and conditions for—the simultaneous satisfaction of strong dynamic consistency and preservation of preferential gaps.

Theory and Decision
University of Oxford (GB)
Peace, Justice and strong institutions
Openalex Percentile: Top 35%
Decision-Making and Behavioral Economics
AI Navigator

Ask Laika to Summarize, Analyze, and Connect papers live on the map.

Summarize Papers & Methodologies

Extract key findings, datasets, and comparative methods across publications.

Benchmark Rankings & Visual Analytics

Rank top research institutions, authors, funders, topics, and journals by Field-Weighted Citation Impact (FWCI) and paper volume with instant charts.

Connect Distant Disciplines

Bridge topological clusters on the map to find hidden collaborative intersections.