This note provides two numerical representations of a nested system of strict partial orders. The first representation is based on utility and threshold functions. We generalize the threshold representation of menu-dependent preferences by allowing the threshold to depend not only on the menu...

This research aimed to replace the pairwise comparison function used in Leoneti [2016] with a new function inspired on the exponential model of prospect theory and to perform a comparative analysis to verify the hypothesis that a better performance of the utility function would be possible from...

Supply chain disruptions, which have become commonplace, are often associated with globalization and trade. Little is known about optimal policy in the face of insecure supply chains. Should governments promote resilience by subsidizing backup sources of input supply? Should they encourage firms...

The paper lists salient characteristics of the certainty theory of consumer choice and discusses the import of prominent empirical analyses of the theory. All of them reject the theory's empirical relevance which suggests that the theory is unfit to analyze consumer choice in an uncertain world....

In multi-object auction models with unitary demand agents, if agents utility functions satisfy quasi-linearity, three auction formats, sealed-bid auction, exact ascending auction, and approximate ascending auction, are known to identify the minimum price equilibrium (MPE), and exhibit elegant...