Rankings of utility functions generated by simple n-th order risk-averse transformations are not partial orders, and therefore, do not yield reliable comparative statics predictions, except at the second order. Restrictions have been identified that rectify this deficiency at the third order...

The American Time Use Survey 2003-15, the French Enquête Emploi du Temps, 2009-10, and the German Zeitverwendungserhebung, 2012-13, have sufficient observations to allow examining the theory of household production in much more detail than ever before. We identify income effects on time use by...

The American Time Use Survey 2003-15, the French Enquête Emploi du Temps, 2009-10, and the German Zeitverwendungserhebung, 2012-13, have sufficient observations to allow examining the theory of household production in much more detail than ever before. We identify income effects on time use by...

In this paper we show that a function defined on a subset of a finite domain and which represents the restiction of an asymmetric and transitive binary relation on the subset can be extended to a utility function on the entire domain. A simple proof of Szpilrajn's Extension Theorem which is...

This paper sets out an ordinal theory of choice under risk that is capable of replicating and extending practically all the important results obtained in the EU framework and is yet far more descriptive and no less tractable at the same time. We show in particular that established notions...

Equilibria and optima generally differ in imperfectly competitive markets. While this is well understood theoretically, it is unclear how large the welfare distortions are in the aggregate economy. Do they matter quantitatively? To answer this question, we develop a multi-sector monopolistic...

The problem is considered as to whether a monotone function defined on a subset of Euclidean space can be strictly monotonically extended to . It is proved that this is the case if and only if the function is Explicit formulas are given for a class of extensions which involves an arbitrary...

With heterogeneity of risk aversion, a representative agent does not exist so both individuals' and aggregate risk premium cannot be expressed by relative/absolute risk aversion. This paper suggests a new way to calculate the risk premium with market contingent-claim prices without the...

Given a cover of a quasi-uniform space we introduce a concept of lower semicontinuity for multifunctions : → 2 , called -lsc. In this way, we get a common description of Vietoris-lsc, Hausdorff-lsc, and bounded-Hausdorff-lsc as well. Further, we examine set-theoretical and vector operations on...

This paper develops nonparametric methods for welfare‐analysis of economic changes in the common setting of multinomial choice. The results cover (a) simultaneous price‐change of multiple alternatives, (b) introduction/elimination of an option, (c) changes in choice‐characteristics, and...