The standard decision theories of Savage and of Anscombe and Aumann both postulate that the domain of consequences is state independent. But this hypothesis makes no sense when, for instance, there is a risk of death or serious injury. The paper considers one possible way of deriving subjective...

This paper partially extends the f-core equivalence theorem of Hammond, Kaneko and Wooders (1989) for continuum economies with widespread externalities (i.e., those over which each individual has negligible control). Externalities need not result directly from trading activities. Neither free...

A competitive market mechanism is a prominent example of a nonbinary social choice rule, typically defined for a special class of economic environments in which each social state is an economic allocation of private goods, and individuals’ preferences concern only their own personal...

For choice with deterministic consequences, the standard rationality hypothesis is ordinality, i.e., maximization of a weak preference ordering. For choice under risk (resp. uncertainty), preferences are assumed to be represented by the objectively (resp. subjectively) expected value of a von...

The main purpose of the Handbook of Utility Theory is to make more widely available some recent developments in the area. The editors selected a list of topics that seemed ripe enough to be covered by review articles. Then they invited contributions from researchers whose expert work had come to...