Constant risk aversion means that adding the same constant to all outcomes of two distributions, or multiplaying all their outcomes by the same positive constant, will not change the preformence relation between them. In this paper we prove several representation theorems, where constant risk...

Our major claim is that when people behave strategically,it is wrong to interpret the betting rates they announce as their subjective probabilities of the different events. Instead, these rates should be understood as the prices at which subjects are willing to trade certain goods (simple...

A social policy is a rule which assigns each possible set of endowments an allocation of these endowments among members of society. This paper assumes that individuals have preferences over private consumption and preferences over all possible social policies.

This paper discusses two ways in which decision makers facing sequential choices can make themselves invulnerable to Dutch books.