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This note explains the equivalence between approximate rationalizability and approximate cost-rationalizability within the context of consumer demand. In connection with these results, we interpret Afriat’s (1973) critical cost efficiency index (CCEI) as a measure of cost (in)efficiency, in...
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This paper aims to enrich the standard toolbox for measuring diversity in economics. In so doing, we compare the …, Patil and Taillie Index, Modified Hill's Ratio. In economics, diversity measures are multi-faceted ranging from inequality …
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theory. It manifests the author's command of cutting edge analytical tools, concepts, and theoretical approaches both in the …/Kaleckian account of demand-constrained equilibrium, is a viable -- indeed, superior -- alternative to mainstream theory. While the book …
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The Allais critique of expected utility theory (EUT) has led to the development of theories of choice under risk that …
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The class of preferences over opportunity sets ("menus") rationalizable by underlying preferences over the alternatives is characterized for the general case in which the dataset is unrestricted. In particular, both the universal set of alternatives and the domain of menus over which preferences...
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