Aguiar's (2017) random categorisation rule (RCR) describes random choice behaviour as the maximisation of a linear preference order over the intersection of a random consideration set with the set of available options. A key axiom in Aguiar's (2017) characterisation of the RCR is an acyclicity...

The Condorcet Jury Theorem formalises the "wisdom of crowds": binary decisions made by majority vote are asymptotically correct as the number of voters tends to infinity. This classical result assumes like-minded, expected utility maximising voters who all share a common prior belief about the...

Ryan (2017) introduces a condition on binary stochastic choice between lotteries which we call Weak Transparent Domniance (WTP). Consider a binary choice set containing two different mixtures over a "best" and "worst" possible prize, so that one option transparently dominates the other. The WTD...

Direct-to-consumer advertising of prescription drugs (DTCA) is heavily regulated. Nelson (1974) provides an informal argument that improved regulation of advertising increases its credibility and therefore the incentives to advertise. He concludes that tighter regulation will stimulate...

We find conditions on the order on subsets of a finite set which are necessary and sufficient for the relative ranking of any two subsets in this order to be determined by their extreme elements relative to an abstract convex geometry. It turns out that this question is closely related to the...

We extend the Coase conjecture to the case of a seller with a single object, who faces n potential buyers and holds a sequence of English auctions until the object is sold. In an independent-private-values environment in which buyers and sellers share the same discount factor, we show that the...

Subjective expected utility (SEU) theory is ubiquitous in models of economic environments involving uncertainty. Part of its appeal is its elegant axiomatization by Anscombe and Aumann, whose representation theorem uses little more than the simple geometry of expected utility. Nevertheless, the...

The indirect utility principle provides an instrumentalist basis for ranking opportunity sets, given an underlying preference ranking on alternatives. Opportunity set A is weakly preferred to B if A includes at least one preference-maximising element from <InlineEquation ID="IEq1"> <EquationSource Format="TEX">$$A\cup B$$</EquationSource> </InlineEquation>. We introduce the Plott...</equationsource></inlineequation>