Complete lottery preferences
= Complete lottery preferences
{title2=$L\succeq M\ \text{or}\ M\succeq L$}
A <preference relation> on <lotteries> is complete when every pair is comparable, allowing an <indifference relation>. Completeness does not require strict ranking of distinct <lotteries>. Together with a <transitive relation>, it gives the ordering assumption in the <Von Neumann-Morgenstern utility theorem>.