This note provides two numerical representations of a nested system of strict partial orders. The first representation is based on utility and threshold functions. We generalize the threshold representation of menu-dependent preferences by allowing the threshold to depend not only on the menu...

This note provides two numerical representations of a nested system of strict partial orders. The first representation is based on utility and threshold functions. We generalize the threshold representation of menu-dependent preferences by allowing the threshold to depend not only on the menu...

Information function method is a powerful tool for analyzing the information requirements of social welfare functions. However, the original information function provides only a coarse description of information structure. In this article, we propose a refinement of this method by changing the...

To examine the consequences of allowing individual to violate full rationality in collective decision making, this article discusses the possibility of aggregating quasi-transitive preferences in the Arrovian framework. Quasi-transitive valued aggregating functions are discussed and...

ABSTRACT. This article studies choice behavior under two types of salience effect: bottom-up stimulus-driven and top-down objective-driven salience. We incorporate both types of salience effect into a simple model that keeps the dichotomy of preference and menu. Applying the revealed preference...

Inspired by evidence from cognitive psychology, this article studies a simple choice model in which two systems jointly determine behavior: a fast, effortless, and gullible system 1 and a slow, effortful, and deliberate system 2. By incorporating both sources of "irrational" behavior, our model...

ABSTRACT. This article studies the behavioral implications of different roles of the reference alternative. We demarcate the boundaries of different reference-dependent choice models in terms of the distinct behavioral patterns these models induce. We provide characterizations of ownership...

A ranking over opportunity sets is justifiable if there exists a binary relation on the set of alternatives, such that one opportunity set is at least as good as the second, if and only if there exists at least one alternative in the first set which is at least as good as any alternative of the...

This paper describes a quarterly macroeconometric model of the economy of People's Republic of China. The model comprises household consumption, investment, government, trade, production, prices, money, and employment blocks. The equilibrium-correction form is used for all the behavioral...

This pilot empirical study seeks to ascertain how income inequality affects growth by incorporating panel data information into a macroeconometric model. People's Republic of China is used as the pilot fi eld. Provincial urban and rural household data are used to construct income inequality...