In the homogeneous case of one type of goods or objects, we prove the existence of an additive utility function without assuming transitivity of indifference and independence. The representation reveals a positive factor smaller than 1 that infuences rational choice beyond the utility function...

Define the riskiness of a gamble as the reciprocal of the absolute risk aversion (ARA) of an individual with constant ARA who is indifferent between taking and not taking that gamble. We characterize this index by axioms, chief among them a “duality” axiom which, roughly speaking, asserts...

An information transaction entails the purchase of information. Formally, it consists of an information structure together with a price. We develop an index of the appeal of information transactions, which is derived as a dual to the agent’s preferences for information. The index of...

Presented is an evolutionary model of consumer non-durable markets, which is an extension of a previously published paper on consumer durables. The model suggests that the repurchase process is governed by preferential growth. Applying statistical methods it can be shown that in a competitive...

Consider any investor who fears ruin facing any set of investments that satisfy noarbitrage. Before investing, he can purchase information about the state of nature in the form of an information structure. Given his prior, information structure α is more informative than information structure...

During the production process one should operatively survey pre-established (standard) costs with a view of determining and analyzing deviations as costs are settled at the level of an activity considered to be normal while real activity can display deviations from this. The system of analysis...

Consider any investor who fears ruin facing any set of investments that satisfy no-arbitrage. Before investing, he can purchase information about the state of nature in the form of an information structure. Given his prior, information structure alpha is more informative than information...

This document analyzes the changes that suffer the amounts demanded of a good, due to changes in its price. For this we use the decomposition in Income and Substitution effects posed by Slutsky and Hicks in their work concerning the analysis of the demand. In general, when the price of a good...

This research demonstrates that decision makers’ time perspective — a cognitive, temporal bias that leads people to overemphasize the past, present, or future in their decision making — systematically influences self-reported behavioral intentions and thus intention-behavior consistency...

In the homogeneous case of one type of goods or objects, we prove the existence of an additive utility function without assuming transitivity of indifference and independence. The representation reveals a positive factor smaller than 1 that infuences rational choice beyond the utility function...