The competitive equilibrium correspondence, which associates equilibrium prices of commodities and assets with allocations of endowments, identifies the preferences and beliefs of individuals under uncertainty; this is the case even if the asset market is incomplete.

Using data from a U.S. household survey, we examine the empirical relation between subjective life horizon (i.e., the self-reported expectation of remaining life span) and portfolio choice. We find that equity portfolio shares are higher for investors with longer horizons, ceteris paribus, in...

This communication is in concern with knowledge-management as a theorico-practical field. It focuses on both epistemological and ethical implications of knowledge conceptions on people engaged in such knowledge-management projects and on society.

Voters' preferences depend on the available information. Following Case-Based Decision Theory, we assume that this information is processed additively. We prove that the collective preferences deduced from the individual ones through majority vote cannot be arbitrary, as soon as a winning quota...

This paper proposes, firstly, a versatile model of awareness and awareness change, and secondly, logics for awareness and awareness change developed using this model.

Political activism positively affects firm innovation. Firms that support more politicians, politicians on Congressional committees with jurisdictional authority over the firms’ industries and politicians who join those committees innovate more. The authors employ instrumental variables...

One apparent reason for deferring a decision – abstaining from choosing, leaving the decision open to be taken by someone else, one’s later self, or nature – is for lack of sufficient confidence in the relevant beliefs. This paper develops an axiomatic theory of decision in situations...

Entrepreneurship studies have attributed to over-confidence decisions to start a new venture. Many decision situations, through which over-confidence is measured, entail some degrees of uncertainty, (e.g., related to own skill or to competition). The aspect of uncertainty is largely neglected in...

Author's abstract. In a situation of decision under uncertainty, a decision maker wishes to choose according to the maxmin expected utility rule, and he can observe the preferences of a set of experts who all share his utility function and all use the maxmin EU rule. This paper considers rules...

Simple exchange rate models based on economic fundamentals were shown to have a difficulty in beating the random walk when predicting the exchange rates out of sample in the modern floating era. Using methods from machine learning -- sequential adaptive ridge regression -- that prevent...