This paper extends the work of Gehrlein and Fishburn (1976) and Gehrlein (1982) by providing a general theorem relating to the analytical representation of the probability of an event in a given space of profiles. It applies to any event characterized by a set of linear inequalities regardless...

The ability of farmers to manage crop production in the presence of severe weather uncertainty is an important factor for maintaining adequate agricultural production, and this uncertainty is expected to be exacerbated under most climate change scenarios. We present a generalized version of...

I will argue that when Keynes states that, in general, probabilities are not susceptible to numerical estimation, he is arguing that the probabilities, in general, can’t be represented by single number answers or point estimates. But they can be represented by intervals. Keynes’s general...

The aim of this paper is to develop some measure-theoretic methods for the study of large economic systems with individual-specific randomness and multiple optimal actions. In particular, for a suitably formulated continuum of correspondences, an exact version of the law of large numbers in...