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How mindless is standard economics really?
Schipper, Burkhard C. - 2009
Contrary to claims by Gul and Pesendorfer (2008), I show that standard economics makes use of non-choice evidence in a meaningful way. This is because standard economics solely grounded in the theory of choice is incomplete. That is, it has content that can not be revealed with any general...
Persistent link: https://www.econbiz.de/10010282111
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Arrow's impossibility theorem: Two simple single-profile versions
Feldman, Allan M.; Serrano, Roberto - 2006
In this short paper we provide two versions of Arrow’s impossibility theorem, in a world with only one preference profile. Both versions are extremely simple and allow a transparent understanding of Arrow’s theorem. The first version assumes a two-agent society; the second version, which is...
Persistent link: https://www.econbiz.de/10010318869
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Arrow's impossibility theorem: Preference diversity in a single-profile world
Feldman, Allan M.; Serrano, Roberto - 2007
In this paper we provide a simple new version of Arrow’s impossibility theorem, in a world with only one preference profile. This theorem relies on a new assumption of preference diversity, and we explore alternative notions of preference diversity at length.
Persistent link: https://www.econbiz.de/10010318976
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Arrow's impossibility theorem: Two simple single-profile versions
Feldman, Allan M.; Serrano, Roberto - 2008
In this paper we provide two simple new versions of Arrow's impossibility theorem, in a model with only one preference profile. Both versions are transparent, requiring minimal mathematical sophistication. The first version assumes there are only two people in society, whose preferences are...
Persistent link: https://www.econbiz.de/10010284084
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The swaps index for consumer choice
Lu, Mia; Netzer, Nick - 2022
We extend the swaps index of rationality, introduced by Apesteguia and Ballester (2015) for a finite set of alternatives, to the standard consumer choice setting with infinite commodity spaces. Applications include consumer demand from competitive budget sets and the state-space approach to...
Persistent link: https://www.econbiz.de/10013441506
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Cognitive constraints, contraction consistency, and the satisficing criterion
Tyson, Christopher J. - 2007
A theory of decision making is proposed that offers an axiomatic basis for the notion of satisficing postulated by Herbert Simon. The theory relaxes the standard assumption that the decision maker always fully perceives his preferences among the available alternatives, requiring instead that his...
Persistent link: https://www.econbiz.de/10010284092
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Voting for compromises: Alternative voting methods in polarized societies
Alós-Ferrer, Carlos; Buckenmaier, Johannes - 2021
Democratic societies have been increasingly confronted with extreme, knife-edge election outcomes that affect everybody's lives and contribute to social instability. Even if political compromises based on social conventions as equity or economic arguments as efficiency are available, polarized...
Persistent link: https://www.econbiz.de/10012631630
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Preference-dependent unawareness
Schipper, Burkhard C. - 2011
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...
Persistent link: https://www.econbiz.de/10010282084
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Strength of preference and decisions under risk
Alós-Ferrer, Carlos; Garagnani, Michele - 2022
Influential economic approaches as random utility models assume a monotonic relation between choice frequencies and …
Persistent link: https://www.econbiz.de/10013164128
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A complementary micro Coronavirus model under uncertainty and utility
Gander, James P. - 2020
A micro decision-making utility model under uncertainty is presented as a complementary foundation for macro … coronavirus models. The micro model consists of two functions, a risk averse utility function depending on wellness and a wellness …/his expected utility, given the probabilities of the respective outputs. The focus is on how changes in a person's psychological …
Persistent link: https://www.econbiz.de/10013269247