In this article we study behaviorally consistent stopping rules in an unbounded search from a known distribution with no recall and with positive search cost. We show that if the searcher's preferences are quasi-convex in the probabilities, then behaviorally consistent search strategies in the...

A well-known theorem of Blackwell states that, when quantity of information is properly defined, every expected utility decisionmaker prefers more information to less; for more general preferences, however, the theorem is no longer true. In this article, we investigate the extent to which...

We present an axiomatic model depicting the choice behavior of a self-interest seeking moral individual over random allocation procedures. Individual preferences are decomposed into a self-interest component and a component representing the individual's moral value judgment. Each component has a...

This paper questions the interpretation of the Nash bargaining solution. A new definition is suggested. Revisions of Nash axioms characterize the solution. The definition makes possible its extension to non-expected-utility preferences. It also reveals the logic behind the comparative statics of...

Within the framework of expected utility theory with rank-dependent probabilities, the authors present a hypothesis concerning the shape of the probability transformation function. This hypothesis is consistent with the "preference reversals" phenomenon. In particular, it is consistent with the...