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We study environments where a production process is jointly shared by a finite group of agents. The social decision involves the determination of input contribution and output distribution. We define a competitive solution when there is decreasing returns-to-scale and show that it leads to a...
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functions can just as easily reject hyperbolic discounting as well. Futhermore, a decision-making procedure based on similarity …
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A decision maker faces a decision problem, or a game against nature. For each probability distribution over the state of the world (nature`s strategies), she has a weak order over her acts (pure strategies). We formulate conditions on these weak orders guaranteeing that they can be jointly...
Persistent link: https://www.econbiz.de/10005675378
maximizationof a similarity-weighted utility function. …
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We generalize the economic decision problem considered by Blackwell(1953) in which a decision maker chooses an action after observing a signal correlated to the state of nature. Unlike Blackwell's case where the feasible set is fixed, in our framework, the feasible set of actions depends on the...
Persistent link: https://www.econbiz.de/10005675389
Debates often serve as intitutions of mechanisms for resolving conflicts and making decisions. In this paper , we present a simple model in order to explain two phenomena concerning debate rules.
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We classify the responses to owr paper " On the Interpretation of Decision Problems with Imperfect Recall" and address some of the points raised.
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