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Ghirardato, P.; Le Breton, M. - Center for Operations Research and Econometrics (CORE), … - 1999

This paper provides a characterization of the consequences of the assumption that a decision maker with a given utility function is Choquet rational: She maximizes expected utility, but possibly with respect to non-additive beliefs, so that her preferences are represented by Choquet expected...

Persistent link: https://www.econbiz.de/10005478939

Optimal tax policy and expected longevity: a mean and variance approach

LEROUX, Marie-Louise; PONTHIERE, Grégory - Center for Operations Research and Econometrics (CORE), … - 2008

This paper studies the normative problem of redistribution between agents who can influence their survival probability through private health spending, but who differ in their attitude towards the risks involved in the lotteries of life to be chosen. For that purpose, we develop a two-period...

Persistent link: https://www.econbiz.de/10005043161

The Paradox of the Bayesian Experts and State-Dependent Utility Theory.

Mongin, P. - Center for Operations Research and Econometrics (CORE), … - 1996

When "n" individuals satisfy the axioms of subjective expected utility (SEU) theory and these individuals …)-preference which is both Paretian and in agreement with SEU theory. The paper restates this paradox in the framework of Anscombe …

Persistent link: https://www.econbiz.de/10005669231

A Model for Financial Intermediation and Public Intervention.

Samartin, M. - Center for Operations Research and Econometrics (CORE), … - 1996

risk-aves agents. In this framework, deposits are needed to provide insurance against investors'unexpected demand for …

Persistent link: https://www.econbiz.de/10005669260

A Simple Measure of Risk Aversion in the Large and an Application.

Chander, P. - Center for Operations Research and Econometrics (CORE), … - 2000

We introduce a simple measure of risk aversion in the large. Besides satisfying properties which are conceptually … analogous to the usual properties of the Arrow-Pratt measure, the index of risk aversion in the large leads to a stronger … concept of decreasing risk aversion, which necessarily imp lies decreasing absolute risk aversion but not necessarily non …

Persistent link: https://www.econbiz.de/10005634228

Inequality aversion and separability in social risk evaluation

FLEURBAEY, Marc; ZUBER, Stéphane - Center for Operations Research and Econometrics (CORE), … - 2011

This paper examines how to satisfy a separability condition related to “independence of the utilities of the dead” (Blackorby et al., 1995; Bommier and Zuber, 2008) in the class of “expected equally distributed equivalent” social orderings (Fleurbaey, 2010). It also inquires into the...

Persistent link: https://www.econbiz.de/10010610452

Social rationality, separability, and equity under uncertainty

FLEURBAEY, Marc; GAJDOS, Thibault; ZUBER, Stéphane - Center for Operations Research and Econometrics (CORE), … - 2010

Harsanyi (1955) proved that, in the context of uncertainty, social ratio- nality and the Pareto principle impose severe constraints on the degree of priority for the worst-off that can be adopted in the social evaluation. Since then, the literature has hesitated between an ex ante approach that...

Persistent link: https://www.econbiz.de/10008642214

On the adjudication of conflicting claims: an experimental study

HERRERO, Carmen; MORENO-TERNERO, Juan D.; PONTI, Giovanni - Center for Operations Research and Econometrics (CORE), … - 2006

This paper reports an experimental study on three well-known solutions for problems of adjudicating con icting claims: the constrained equal-awards, the proportional, and the constrained equal-losses rules. We first let subjects play three games designed such that the unique equilibrium...

Persistent link: https://www.econbiz.de/10005042979

Learning differences in mixed common value auctions

GOERTZ, Johanna M.M. - Center for Operations Research and Econometrics (CORE), … - 2007

I examine the behavior of subjects in common value auctions with both experienced and inexperienced bidders in the same market. Subjects know that they are competing against both experienced and inexperienced subjects and can observe bidding behavior of their opponents after an auction round....

Persistent link: https://www.econbiz.de/10005065347

Experimental results on the roommate problem

MOLIS, Elena; VESZTEG, Robert F. - Center for Operations Research and Econometrics (CORE), … - 2010

We use laboratory experiments to analyze decentralized decision-making in one-sided matching markets. We find that subjects tend to make decisions in line with theoretical models, as their offering and accepting decisions are only guided by the objective of improving upon the status quo....

Persistent link: https://www.econbiz.de/10008550237