Suppose that a group of agents having divergent expectations can share risks efficiently. We examine how this group should behave collectively to manage these risks. We show that the beliefs of the representative agent is in general a function of the group.s wealth level, or equivalently, that...

Many important economic and political decisions are made by teams. In the economic literature, however, the decision units are frequently modeled as individual economic agents. The paper experimentally investigates the question to what extent observed team decisions under risk are actually...

This book provides both practitioners and academics with a scientific approach to portfolio selection using Goal Programming, an approach which is capable as far as is possible of achieving a required set of preferences deemed appropriate by a decision maker. Goal Programming is perhaps the most...