How can a decision-maker assess the potential of environmental policies when a group of experts provides divergent estimates on their effectiveness? To address this question, we propose and analyze a variant of the well-studied $\alpha$-maxmin model in decision theory. In our framework, and...

In this paper I shall introduce a new method by which it is possible to study the dynamical decision maker's behaviour. It can be tought of as an application of the S -Linear Algebra of Professor David Carfì, thus this theory it is assumed to be known. I shall focus on the Feynman's propagator...

Research in psychology suggests that some individuals are more sensitive to positive than to negative information while others are more sensitive to negative rather than positive information. I take these cognitive positive-negative asymmetries in information processing to a Bayesian...

There are a number of cases in which individuals do not expect to find out which outcome occurs. The standard von Neumann-Morgenstern Expected Utility model cannot be used in these cases, since it does not distinguish between lotteries for which the outcomes are observed by the agent and...

It has been accepted for over 270 years that the expected monetary value (EMV)of the St Petersburg game is infinite. Accepting this leads to a paradox; no reasonable person is prepared to pay the predicted large sum to play the game but will only pay, comparatively speaking, a very moderate...

This paper examines some of the consequences for economic theory of the replacement of binary personal preferences by non-binary personal preferences in an Arrow-Debreu society as in Debreu (1959), and reaches the conclusion that there is both much damage to existing theory and greater...

This article offers an approach to the general structure of the controversy in economy. In our case we adopted a perspective to study a particular aspect of the rhetoric that comes from the context of a particular controversy: the controversy on the advantages of the free commerce between Daly...

This article offers an approach to the general structure of the rhetoric in economy. In our case we adopted a perspective to study a particular aspect of the rhetoric that comes from the context of a particular controversy: the controversy on the advantages of the free commerce between Daly and...

Morris (1996, 1997) introduced preference-based definitions of knowledge of belief in standard state-space structures. This paper extends this preference-based approach to unawareness structures (Heifetz, Meier, and Schipper, 2006, 2008). By defining unawareness and knowledge in terms of...