We employ the theory of rational choice to examine whether observable choices from feasible sets of prospects can be generated by the optimization of some underlying decision criterion under uncertainty. Rather than focusing on a specific theory of choice, our objective is to formulate a general...

We Show That a Box-Cox Transformation on the Dependent Variable of Linear Regression Models Is Invariant to Power Transformations of That Variable Even Without the Presence of a Regression Constant And, Consequently, Can Sometimes Be Interpreted As a Simple Power Transformation the Estimation of...

'A New Idea Does Not Come Forth in Its Mature Scientific Form. It Contains Logical Ambiguities Or Errors; the Evidence on Which It Rests Is Incomplete Or Indecisive; and Its Domain of Application Is Exaggerated in Certain Directions and Overlooked in Others', Wrote Stigler (1965, P.14) in One of...

Uncertainties as to future supply costs of nonrenewable natural resources, such as oil and gas, raise the issue of the choice of supply sources. In a perfectly deterministic world, an efficient use of multiple sources of supply requires that any given market exhausts the supply it can draw from...