The purpose of this investigation was to simulate a real life scenario and explore the way economic agents update their beliefs. Do they update according to what they hope? Or do they update inspired by rational behavior? We mimicked the environment which a recently high school graduate faces...

In the application of economic theory to actual analysis, we are often bewildered how to use theory because the framework normally supposes the existence of all cases, which is not actually realised. Here, I introduce an easy way to significantly reduce cases to examine while maintaining the...

In the first part of the paper, we study concepts of supremum and maximum as subsets of a topological space X endowed by preference relations. Several rather general existence theorems are obtained for the case where the preferences are defined by countable semicontinuous multi-utility...

Numerical preference relations (NPRs) consisting of numerical judgments can be considered as a general form of the existing preference relations, such as multiplicative preference relations (MPRs), fuzzy preference relations (FPRs), interval MPRs (IV-MPRs) and interval FPRs (IV-FPRs). On the...

This paper generalizes two theorems in Campbell and Walker (1990), which is based on weak upper continuity. A new property, called partial upper continuity, is shown to be sufficient for representation and existence of a maximal element. Noting that transfer weak upper continuity (Tian and Zhou,...

In the first part of the paper, we study concepts of supremum and maximum as subsets of a topological space X endowed by preference relations. Several rather general existence theorems are obtained for the case where the preferences are defined by countable semicontinuous multi-utility...