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A key feature of the rank dependent model for decision making under risk is that the weighting of an outcome depends on its relative rank. This theory received numerous axiomatizations, however, all these sets of axioms need to make an explicit reference to the ranking of the outcomes. This...

This paper derives two characterizations of the Kreps-Wilson concept of consistent beliefs. In the first, beliefs are shown to be consistent iff they can be constructed from the elements of monomial vectors which converge to the strategies. In the second, beliefs are shown to be consistent iff...

A social policy is a rule which assigns each possible set of endowments an allocation of these endowments among members of society. This paper assumes that individuals have preferences over private consumption and preferences over all possible social policies.

Economic evaluation in health care often involves cost-utility analysis (CUA), a method based on the cost-effectiveness criterion of dollars per Quality-Adjusted Life Year (QALY), where the quality adjustement factors for years lived in ill health are established through answers to...