Adam Smith and J M Keynes were both practitioners of virtue ethics who rejected Benthamite Utilitarianism. Their axiomatic foundations consist of the following three axioms only. The first is that probabilities are nonadditive, in general. Additivity is a special case. The second is that...

The SIPTA (Society for Imprecise Probability,Theory and Application) view of Keynes's contributions to imprecise probability and application form a one-to-one, onto mapping from the claims of Henry E. Kyburg to what is accepted as being what Keynes's contribution was. Thus, if one is familiar...

Influential economic approaches as random utility models assume a monotonic relation between choice frequencies and "strength of preference," in line with widespread evidence from the cognitive sciences, which also document an inverse relation to response times. However, for economic decisions...

When an economic agent makes a choice, stochastic models predicting those choices can be updated. The structural assumptions embedded in the prior model condition the updated one, to the extent that the same evidence produces different predictions even when previous ones were identical. We...

Preferences over risky alternatives can be elicited by different methods, including direct pairwise choices and willingness-to-accept valuations. The results are frequently at odds, casting doubts on the foundations of economics. We develop a stochastic choice model predicting when...

B. Hill’s work on the “Confidence approach “ to decision making under uncertainty is based on the use of interval valued probability that is categorized as being imprecise, in contrast to the standard Bayesian requirement that a probability assessment must be precise. This requirement is...

Intuitive decision making has a large and often negative impact in economic decisions, but its measurement and quantification remains challenging. Following research from psychology, behavioral economists have often attempted to causally manipulate the balance of intuition and deliberation by...