We propose an easy-to-use method for estimating preference parameters experimentally: choices from strictly concave budget restrictions (SCBRs). SCBRs generalize the popular method of analyzing choices from linear budget restrictions (LBRs). SCBRs promise (i) to improve the informational content...

The body of literature on goal programming (GP) approaches in modeling preferences and the satisfaction philosophy in multi-objective programming (MOP) decision-making processes is extensive. However, there has been little focus on how preferences change in relation to the decision-maker's (DM)...

We study the behaviour of prices and quantities in a model of bilateral trade with coordination frictions, capacity constraints, and risk aversion in small and large markets. The equilibrium markup over the expected return to the asset depends on the ratio of buyers to sellers and the level of...

The existing body of work on suicide has characterised it as a choice opted by an individual who is neurologically disturbed. Adam Smith himself has supported this notion in his book ‘Theory of Moral Sentiment’. However David Hume in his treatise ‘Of Suicide’ has described it as a...

Articles about asset allocation rely on the direct utility as a primitive to model the risk appetite of investors and to derive optimal asset allocation and consumption. However, and contrary to the indirect utility function, the direct utility function does not describe the risk aversion of...