This paper shows how revealed preference relations, observed under general budget sets, can be extended using closure operators which impose certain assumptions on preferences. Common extensions are based on the assumption that preferences are convex and/or monotonic, but we also consider...

This paper shows how revealed preference relations, observed under general budget sets, can be extended using closure operators which impose certain assumptions on preferences. Common extensions are based on the assumption that preferences are convex and/or monotonic, but we also consider...

Existing proofs of Condorcet's Jury Theorem formulate only sufficient conditions for its validity. This paper provides necessary and sufficient conditions for Condorcet's Jury Theorem. The framework of the analysis is the case of heterogeneous decisional competence, but the independence...

Preference reversals across decision contexts (e.g., acquisition versus forfeiture) and elicitation procedures (e.g., choice versus willingness-to-pay; WTP) provide foundational evidence that consumers’ preferences are constructed––not revealed––in the decision-making process. We...

This paper derives a representation of preferences for a choice theory with vague environments; vague in the sense that the agent does not know the precise lotteries over outcomes conditional on states. Instead, he knows only a possible set of these lotteries for each state. Thus, this paper's...

This paper presents evidence on the role of the endowment effect in shaping the risk-taking behavior of entrepreneurs, and how the potential of losing their firms lead them to take higher risks. This study uses an experimental design with 466 entrepreneurs in Cali, Colombia. Results show that...

We review methodological questions relevant for the design of information provision experiments. We first provide a literature review of major areas in which information provision experiments are applied. We then outline key measurement challenges and design recommendations that may be of help...

We review methodological questions relevant for the design of information provision experiments. We first provide a literature review of major areas in which information provision experiments are applied. We then outline key measurement challenges and design recommendations that may be of help...

We review the emerging literature on information acquisition in field settings. We first document an increase in studies on information acquisition and review relevant studies in different subfields of economics, including macroeconomics, political economy, labor economics, health economics, and...

We review the emerging literature on information acquisition in field settings. We first document an increase in studies on information acquisition and review relevant studies in different subfields of economics, including macroeconomics, political economy, labor economics, health economics, and...