This paper deals with repeated decision problems which are similar to the task of guessing the color outcomes of five independent spinnings of a roulette wheel, 60% of whose slots are covered in red and 40% in white, where each correct guess yields a prize of 1$.

This note provides an axiomatic derivation of a case-based decision rule. It shows that, if preferences orders over available acts in various contexts satisfy certain consistency requirements, then these orders can be numerically represented by maximizationof a similarity-weighted utility function.

If the allocations of a differential information economy are defined as incentive compatible state -contingent lotteries over consumption goods, competitive equilibrium allocations exist and belong to the (ex-ante incentive) core. Furthermore, any competitive equilibria allocation can be viewed...

The paper argues for the formal investigation of conditions under which that preference reltions are definable in various simple languages. An example of such an investigation is given.

"Hyperbolic discount functions are characterized by a relatively high discount rate over short horizons and a relatively low discount rate over long horizon" [Laibson 1997, p. 445]. In this theoretical note, we show that individuals hyperbolically discount marginal utility from money when they...

The paper considers a two-Country model of overlapping generations heterogenous economies with intergeneration transfers carried out in the form of bequest and investment in human capital. We examine in competitive equilibrium the transitory and long effects of capital markets integration.

The new decade has been called "the age of information." We show that, although information has become more accessible, the increase in the variety of products has made consumers' choices complex and uncertain. Faced with uncertainty about products' attributes offered by "umbrella brands,"...

Maximizing the probability of bypassing an aspiration level, and taking increasing risks to recover previous losses are well-documented behavioral tendencies. They are compatible with individual utility functions that are S-shaped, as suggested in Prospect Theory (Kahneman and Tversky 1979). We...

This paper argues that when organizations are imperfect in the sense that members may make mistakes and messages may be distorted, then the inner structure of the organization should be explicitly modeled. This paper proposes a framework for studying games between imperfect organizations.