This paper models underclass social isolation as the loss of high-income role models and then studies the plausible conjecture that this isolation depresses the level of schooling chosen by underclass youth. It is found that although this conjecture stands in roughly calibrated simulations, it...

In a discounted expected-utility problem, tomorrow's utilities are aggregated across tomorrow's states by the expectation operator. In our problems, this aggregation is accomplished by a Choquet integral of the form iudP a, where a specifies uncertainty aversion. We solve all finite-state...

The nodes of an extensive-form game are commonly specified as sequences of actions. Rubinstein calls such nodes histories. We find that this sequential notation is superfl uous in the sense that nodes can also be specified as sets of actions. The only cost of doing so is to rule out games with...

We introduce three definitions. First, we let a "basement" be a set of nodes and actions that supports at least one assessment. Second, we derive from an arbitrary basement its implied "plausibility" (i.e. infinite-relative-likelihood) relation among the game's nodes. Third, we say that this...