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Though Arrow Says It’s Impossible, It Happens Everyday

Gani, Mohammad - EconWPA - 2004

Arrow’s Impossibility Theorem shows that transitive social preference is impossible. This note shows that in the general case of exchange, social preference need not be transitive. Indeed, it shows that social preference must be non-transitive to allow gainful exchange to maximize social...

Persistent link: https://www.econbiz.de/10005135127

Consistency and the Competitive Outcome Function

Lahiri, Somdeb - EconWPA - 2005

In this paper we are interested in the social choice theory of allocating resources, which are available and can be consumed in integer units only. Since goods are available in integer units only, the social choice theory for such problems cannot exploit any smoothness property, which may...

Persistent link: https://www.econbiz.de/10005407583

New Trade Theory Takes Over Monetary Theory

Gani, M - EconWPA - 2004

Prevailing trade theory is a neglected stepchild of economics. Micro rejects the sole reason for trade’s occurrence. It declares zero profit in equilibrium. Monetary theory and macroeconomics dismiss concerns of trade financing. They assert that money has nothing to do with traded output, but...

Persistent link: https://www.econbiz.de/10005408069

Merging discrete measurements

Quesada, Antonio - EconWPA - 2005

single number (representing a consensus or collective measurement, score or quantitative opinion). Assuming that all the …

Persistent link: https://www.econbiz.de/10005413000

Between Liberalism and Democracy

Samet, Dov; Schmeidler, David - EconWPA - 1999

We study a class of voting rules that bridge between majoritarianism and liberalism. An outcome of the vote specifies who among the voters are eligible to a certain right or qualification. Each outcome serves also as a permissible ballot. We characterize axiomatically a family of rules...

Persistent link: https://www.econbiz.de/10005118577

Optimal two stage committee voting rules

Ayres, Ian; Rowat, Colin; Zakariya, Nasser - EconWPA - 2004

We study option management by committee. Analysis is illustrated by tenure decisions. Our innovations are two-fold: we treat the committee's problem as one of social choice, not of information aggregation; and we endogenise the outside option: rejecting a candidate at either the probationary or...

Persistent link: https://www.econbiz.de/10005118661

RECOVERABLE COST: THE BASIS OF A GENERAL THEORY OF FINANCIAL ACCOUNTING MEASUREMENT

salvary, stanley c. w. - EconWPA - 2005

) the concept of recovery underlying the investment decision and (b) the distinction between decision theory and measurement …This paper addresses a very profound question concerning financial accounting. Is financial accounting measurement. as … provides a theoretical development of the concept of 'recoverable cost' as the measurement property observed in (underlying …

Persistent link: https://www.econbiz.de/10005408116

Opinion Pooling under Asymmetric Information

Dietrich, Franz - EconWPA - 2004

If each member of a group assigns a certain probability to a hypothesis, what probability should the collective as a whole assign? More generally, how should individual probability functions be merged into a single collective one? I investigate this question in case that the individual...

Persistent link: https://www.econbiz.de/10005412461

Asymmetric loss utility: an analysis of decision under risk

Strashny, Alex - EconWPA - 2004

This paper develops a utility model for evaluating lotteries. In estimating utility, risk averse people use an asymmetric loss function. Expected utility is seen as a special case that is a good approximation in some cases. The model resolves several paradoxes and makes easily falsifiable...

Persistent link: https://www.econbiz.de/10005118544

Asymmetric loss utility: an analysis of decision under risk

Strashny, Alex - EconWPA - 2004

This paper develops a utility model for evaluating lotteries. In estimating utility, risk averse people use an asymmetric loss function. Expected utility is seen as a special case that is a good approximation of the general case in some cases. The model resolves several paradoxes and makes...

Persistent link: https://www.econbiz.de/10005118587