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On the Nature of Certainty Equivalent Functionals

Hennessy, David A.; Lapan, Harvey E. - Iowa State University of Science and Technology <Ames, … - 2006

We explore connections between the certainty equivalent return (CER) functional and theunderlying utility function. Curvature properties of the functional depend upon how utilityfunction attributes relate to Hyperbolic Absolute Risk Aversion (HARA) type utility functions.If the CER functional is...

Persistent link: https://www.econbiz.de/10009360865

Algebraic Theory of Pareto Efficient Exchange

Hennessy, David A.; Lapan, Harvey E. - Iowa State University of Science and Technology <Ames, … - 2002

We study trade patterns in a pure exchange economy where preferences are symmetric up to taste intensity parameters. In a 2-person, 2-good endowment economy, then all endowments in a particular Edgeworth box rectangle require trading out of that rectangle. Under strictly quasi-concave...

Persistent link: https://www.econbiz.de/10009418955

Pareto Optimal Allocations for Probabilistic Sophisticated Variational Preferences

Ravanelli, Claudia; Svindland, Gregor - National Centre of Competence in Research - Financial … - 2011

We prove the existence of Pareto optimal allocations within sets of acceptableallocations when decision makers have probabilistic sophisticated variational pref-erences dened on random endowments in L1.[...]

Persistent link: https://www.econbiz.de/10009486820

The Causal Effect of Cultural Identity on Cooperation

Butler, Jeffrey V.; Fehr, Dietmar - 2021

The impact of culture on non-kin cooperation has been singled out as critical for economic activity. However, causal evidence of culture’s influence on cooperation remains scant. In this paper we provide such evidence, focusing on two key components of culture: preferences and beliefs....

Persistent link: https://www.econbiz.de/10012582095

Interest-Matching Comparisons using CP-nets

Wicker, Andrew White - 2007

trend of qualitative decision theory by using qualitative preference information to represent a user's interests. In … particular, a common form of preference statements for humans is used as the motivating factor in the formalization of ceteris … paribus preference semantics. This type of preference information led to the development of conditional preference networks …

Persistent link: https://www.econbiz.de/10009431335

14.123 Microeconomic Theory III, Spring 2009

Eso, Peter - 2009

-making under certainty and uncertainty. Topics include preference orderings, expected utility, risk, stochastic dominance …

Persistent link: https://www.econbiz.de/10009432546

REVEALED PREFERENCE ANALYSIS OFCHARACTERISTICS MODELS

Blow, Laura; Browning, Martin; Crawford, Ian - University <Oxford> / Department of Economics - 2006

tends to rely heavily on functional form assumptions. Inthis paper we develop a revealed preference approach to …

Persistent link: https://www.econbiz.de/10005870166

Making the World a better Place: Experimental evidencefrom the generosity Game

Güth, Werner; Levati, Maria Vittoria; Ploner, Matteo - Max-Planck-Institut für Ökonomik <Jena> / Abteilung … - 2009

We study ultimatum and dictator experiments where the first moverchooses the amount of money to be distributed between the playerswithin a given interval, knowing that her own share is fixed. Thus, thefirst mover is faced with scarcity, but not with the typical trade-off betweenher own and the...

Persistent link: https://www.econbiz.de/10005870982

Evolving Preferences andPolicy Advice in Democratic Society

Vanberg, Viktor - Max-Planck-Gesellschaft zur Förderung der Wissenschaften - 2009

Beyond its explanatory ambitions as positive science, economics has always had its normativeor applied branch that aims at providing advice about how man’s socio-economic conditionmight be improved. Under the name welfare economics the discipline’s normative branch hasbeen formalized, in the...

Persistent link: https://www.econbiz.de/10009022150

Well-Being, Preference Formation andthe Danger of Paternalism

Qizilbash, Mozaffar - Max-Planck-Gesellschaft zur Förderung der Wissenschaften - 2009

Informed or rational desire, capability and prudential value list views of well-being - mustaccommodate human limitations, as well as address issues about adaptation and paternalism. Theysometimes address adaptation by toughening the requirement(s) on those desires, satisfaction of...

Persistent link: https://www.econbiz.de/10009022151