We present simple proofs of two well-known axiomatic characterization of state-salient decision rules, using Weak Dominance Criterion and Independence of Irrelevant Alternatives. The first axiomatic characterization assumes that the choice function is resolute whereas the second does not

The purpose of this note is to provide a simple proof of existence of stationary probability vectors (fixed points) for stochastic matrices using Farkas’ lemma. This result as well as the uniqueness of stationary probability vectors also holds for a certain subclass of quasi-stochastic matrices

We prove the existence of an expected utility function for preferences over probabilistic prospects satisfying Strict Monotonicity, Indifference, the Common Ration Property, Substitution and Reducibility of Extreme Prospects. The example in Rubinstein (1988) that is inconsistent with the...

The purpose of this paper is to provide a sufficient condition for the solvability of economic co-efficient matrices, which is slightly weaker than the one in Garrao and Dias (2015). If labor is an additional “non-produced” input then an upper bound for the wage rate of labor can be...

In this note we show without using any fixed-point theorem argument, that a pair of vectors is an equilibrium point of a bimatrix game if it solves a certain bilinear programming problem. Since the bilinear programming problem we consider has an optimal solution, we are able to prove the...

In this paper we provide two sufficient (though not necessary) conditions under which for a given profile of state-dependent preferences (linear orders) on a given and fixed set of alternatives, the set of alternatives alternative(s) which are individually preferred to all alternatives other...

We suggest that the celebrated Impossibility Theorem of Arrowian social choice theory is after all not such a negative result since it can be interpreted as an axiomatic characterization of state-salient decision rules of a decision maker with state-dependent rankings of alternatives. We provide...