Trichotomous preferences for gambles

Let G_X be the set of all gambles on a set X of decision outcomes. Trichotomous preferences divide G_X into three disjoint subsets, viz., the set P⁺ of preferable gambles, the set P⁰ of indifferent gambles, and the set P^- of unpreferable gambles. Those preference comparisons are made against the status quo, i.e., the do-nothing alternative. This paper presents and discusses dyadic representations of such trichotomous preferences and identifies necessary and sufficient axioms for the existence of those representations.