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Indifference, indecisiveness, experimentation and stochastic choice

Ok, Efe A.; Tserenjigmid, Gerelt - In: Theoretical economics : TE ; an open access journal in … 17 (2022) 2, pp. 651-686

Among the reasons behind the choice behavior of an individual taking a stochastic form are her potential indifference or indecisiveness between certain alternatives, and/or her willingness to experiment in the sense of occasionally deviating from choosing a best alternative in order to give a...

Persistent link: https://www.econbiz.de/10013273770

Information, evolution and utility

Samuelson, Larry; Swinkels, Jeroen M. - In: Theoretical economics : TE ; an open access journal in … 1 (2006) 1, pp. 119-142

Human utility embodies a number of seemingly irrational aspects. The leading example in this paper is that utilities … of our utility functions. …

Persistent link: https://www.econbiz.de/10011704445

Robust scoring rules

Tsakas, Elias - In: Theoretical economics : TE ; an open access journal in … 15 (2020) 3, pp. 955-987

Is it possible to guarantee that the mere exposure of a subject to a belief elicitation task will not affect the very same beliefs that we are trying to elicit? In this paper, we introduce mechanisms that make it simultaneously strictly dominant for the subject (a) not to acquire any information...

Persistent link: https://www.econbiz.de/10012308719

Transitive regret

Bikhchandani, Sushil; Segal, Uzi - In: Theoretical economics : TE ; an open access journal in … 6 (2011) 1, pp. 95-108

whether regret-based behavior is consistent with non-expected utility theories of transitive choice and show that the answer … is no. If choices are governed by ex ante regret and rejoicing then non-expected utility preferences must be intransitive. …

Persistent link: https://www.econbiz.de/10011695083

General revealed preference theory

Chambers, Christopher P.; Echenique, Federico; Shmaya, Eran - In: Theoretical economics : TE ; an open access journal in … 12 (2017) 2, pp. 493-511

We generalize the standard revealed preference exercise in economics, and prove a sufficient condition under which the revealed preference formulation of an economic theory has universal implications and when these implications can be recursively enumerated. We apply our theorem to two theories...

Persistent link: https://www.econbiz.de/10011704924

Who's afraid of aggregating money metrics?

Bosmans, Kristof; Decancq, Koen; Ooghe, Erwin - In: Theoretical economics : TE ; an open access journal in … 13 (2018) 2, pp. 467-484

We provide an axiomatic justification to aggregate money metrics. The key axiom requires the approval of richer-to-poorer transfers that preserve the overall efficiency of the distribution. This transfer principle - together with the basic axioms of anonymity, continuity, monotonicity, and a...

Persistent link: https://www.econbiz.de/10011856642

Transferable utility and demand functions

Chiappori, Pierre-André; Gugl, Elisabeth - In: Theoretical economics : TE ; an open access journal in … 15 (2020) 4, pp. 1307-1333

While many theoretical works, particularly in Family Economics, rely on the Transferable Utility (TU) assumption, its …

Persistent link: https://www.econbiz.de/10012415404

An explicit representation for disappointment aversion and other betweenness preferences

Cerreia-Vioglio, Simone; Dillenberger, David; Ortoleva, … - In: Theoretical economics : TE ; an open access journal in … 15 (2020) 4, pp. 1509-1546

One of the most well-known models of non-expected utility is Gul (1991)'s model of Disappointment Aversion. This model …, however, is defined implicitly, as the solution to a functional equation; its explicit utility representation is unknown …

Persistent link: https://www.econbiz.de/10012415476

Is utility transferable? : a revealed preference analysis

Cherchye, Laurens; Demuynck, Thomas; Rock, Bram de - In: Theoretical economics : TE ; an open access journal in … 10 (2015) 1, pp. 51-65

The transferable utility hypothesis underlies important theoretical results in household economics. We provide a … transferable utility. We also show that these conditions are testable by means of integer programming methods. …

Persistent link: https://www.econbiz.de/10011674052

Optimal allocations with α-maxmin utilities, Choquet expected utilities, and prospect theory

Beißner, Patrick; Werner, Jan - In: Theoretical economics : TE ; an open access journal in … 18 (2023) 3, pp. 993-1022

The analysis of optimal risk sharing has been thus far largely restricted to nonexpected utility models with concave … utility functions, where concavity is an expression of ambiguity aversion and/or risk aversion. This paper extends the … analysis to α-maxmin expected utility, Choquet expected utility, and cumulative prospect theory, which accommodate ambiguity …

Persistent link: https://www.econbiz.de/10014325255