In the study of rational expectations equilibria, negative exponential and linear utility with a quadratic holding cost are two most commonly used classes of utility functions. Under the classical normality assumption, we show the functional equivalence in the cases of both exogenous and...

The random utility model (RUM, McFadden and Richter (1990)) has been the standard tool to describe the behavior of a population of decision makers. RUM assumes that decision makers behave as if they maximize a rational preference over a choice set. This assumption may fail when consideration of...

Until quite recently, it has appeared that eleutheric-conjectural libertarianism (ECL) could not avoid some degree of, very broad, interpersonal utility comparisons (IUCs). And this has been objected to by some of its libertarian critics, notably economists and propertarians. Indeed, this aspect...

We assess whether a cardinal model can be used to relate neural observables to stochastic choice behaviour. We develop a general empirical framework for relating any neural observable to choice prediction, and propose a means of bench-marking their predictive power. In a previous study,...

In this paper, we introduce the concept of the compatibility of two transferable utility cooperative games. Two games are compatible if there exists at least one allocation which belongs to the core of both games. We look at the class of nonnegative convex games where the value of the grand...

The paper proposes a method of transforming a possibly cyclic preference relation of a decision maker into a transitive binary relation, which is called the transitive core. The characterizing properties of such a transformation is given. In addition, the transitive core is applied to...