Experiments on revealed preference often use budget sets for participants that are randomly and independently drawn according to some criteria. However, this means that the budgets and choices of different individuals are not immediately comparable. This paper proposes a method to control for...

This paper studies which models of risk preference can best describe individual choices. We perform model selection using cross validation techniques that are common in machine learning. We compare the models of expected utility, disappointment aversion, rank dependent utility, stochastic...

Experiments on revealed preference often use budget sets that are randomly and independently drawn according to some criteria for each participant. However, this means that the budget sets faced by different individuals are not the same. This paper proposes a method to control for these...

Nontransitive choices have long been an area of curiosity within economics. However, determining whether nontransitive choices represent an individual’s preference is a difficult task since choice data is inherently stochastic. This paper shows that behavior from nontransitive preferences...

Purpose – The purpose of this paper is to present a “human ecology economics (HEE)” framework for understanding economic growth and development challenges in Eastern Europe. Design/methodology/approach – The HEE approach relies on evolutionary and complex systems processes; it expands...

Purpose – The purpose of this paper is to present a “human ecology economics (HEE)” framework for understanding economic growth and development challenges in Eastern Europe. Design/methodology/approach – The HEE approach relies on evolutionary and complex systems processes; it expands...