In traditional econometrics, the quality of an individual investment -- and of the investment portfolio -- is characterized by its expected return and its risk (variance). For an individual investment or portfolio, we can estimate the future expected return and a future risk by tracing the...

According to decision making theory, if we know the user's utility Ui=U(si) of all possible alternatives si, then we can uniquely predict the user's preferences. In practice, we often only know approximate values Vi~Ui of the user's utilities. Based on these approximate values, we can only make...

In 1951, K. J. Arrow proved that, under certain assumptions, it is impossible to have group decision making rules which satisfy reasonable conditions like symmetry. This Impossibility Theorem is often cited as a proof that reasonable group decision making is impossible.We start our paper by...