Raiffa (1961) recommends that ambiguity averse participants use objective lotteries to randomly decide on which subjective lottery to bet. Such a preference for randomization is especially important in models based on Anscombe and Aumann's. In three experimental studies, I find little evidence...

A field experiment verifies a theory of bounded rationality as deliberation costs that can explain findings from previous experiments on pricing in developing countries. The model predicts that (1) eliminating deliberation costs will increase purchasing at a higher price without impacting...

Utilitarianism is the most prominent family of social welfare functions. We present three new axiomatic characterizations of utilitarian (that is, additively separable) social welfare functions in a setting where there is risk over both population size and the welfares of individuals. First, we...

The population literature in theoretical economics has long focused on attempts to avoid the repugnant conclusion. We advance the literature by proving that no social ordering in population economics can escape the repugnant conclusion in all instances. As we show, prior results depend on a...