This note demonstrates that two minimal requirements of decision tree analysis, the folding back procedure and the interchangeability of consecutive event nodes, imply independence.

To minimize use of biodiesels synthesized from edible oils like Palm due to raising food versus fuel issue, Palm biodiesel (PBD) was blended with biodiesels derived from tree borne non-edible oil seeds Jatropha, and Pongamia to examine the effect on cloud point (CP) and pour point (PP) of PBD....

Managers often employ market response models as decision aids and historical information of competitors' market outcomes to aid their competitive decisions in oligopolistic settings. However, little is known about how access to a decision aid or the availability of competitors' market outcomes...

Nonadditive expected utility models were developed for explaining preferences in settings where probabilities cannot be assigned to events. In the absence of probabilities, difficulties arise in the interpretation of likelihoods of events. In this paper we introduce a notion of revealed...

For decisions whose consequences accrue over time, there are several possible techniques to compute total utility. One is to discount utilities of future consequences at some appropriate rate. The second is to discount per-period certainty equivalents. And the third is to compute net present...

This paper explores how some widely studied classes of nonexpected utility models could be used in dynamic choice situations. A new 'sequential consistency' condition is introduced for single-stage and multi-stage decision problems. Sequential consistency requires that if a decision maker has...

Two core meanings of 'utility' are distinguished. 'Decision utility' is the weight of an outcome in a decision. 'Experienced utility' is a hedonic quality, as in J. Bentham's usage. Experienced utility can be reported in real time (instant utility) or in retrospective evaluations of past...

In this paper we present experimental research examining the ability of individuals to make good retrospective evaluations of payment sequences. Inspired by the evidence on systematic biases in the retrospective evaluation of affective episodes involving pain and pleasure we designed choice...

There has been much recent literature about sex differences in competition, mostly noting that women are innately less competitive than men (Croson and Gneezy, 2009). This article examines the hypothesis that sex differences in propensity to compete are domain specific. We conducted a 2 (sex)×4...