Search Results - subject:"Incomplete preferences"

Pareto optima and equilibria when preferences are incompletely known

Dana, Rose-Anne; Carlier, Guillaume - Université Paris-Dauphine (Paris IX) - 2013

An exchange economy in which agents have convex incomplete preferences defined by families of concave utility functions … an incomplete preferences framework therefore hold under these conditions and efficient allocations and equilibria are …

Persistent link: https://www.econbiz.de/10010708794

Cobb-Douglas preferences under uncertainty

Faro, José Heleno - In: Economic theory : official journal of the Society for … 54 (2013) 2, pp. 273-285

Persistent link: https://www.econbiz.de/10010193281

Second-order ambiguous beliefs

Nascimento, Leandro Gonçalves do; Riella, Gil - In: Economic theory : official journal of the Society for … 52 (2013) 3, pp. 1005-1037

Persistent link: https://www.econbiz.de/10009734906

Flexibility of Choice Versus Reduction of Ambiguity

Guerdjikova, Ani; Zimper, Alexander - Economic Research Southern Africa (ERSA) - 2005

This paper explores the problem of a social planner willing to improve the welfare of individuals who are unable to compare all available alternatives. The optimal decision trades off the individuals' desire for flexibility versus their aversion towards ambiguous choice situations. We introduce...

Persistent link: https://www.econbiz.de/10008594427

Justifiable choice

Heller, Yuval - In: Games and Economic Behavior 76 (2012) 2, pp. 375-390

Most existing decision-making models assume that choice behavior is based on preference maximization even when the preferences are incomplete. In this paper we study an alternative approach – “justifiable choice”: each agent has several preference relations (“justifications”), and she...

Persistent link: https://www.econbiz.de/10011049899

When conflict induces the expression of incomplete preferences

Deparis, Stéphane; Mousseau, Vincent; Öztürk, Meltem; … - In: European Journal of Operational Research 221 (2012) 3, pp. 593-602

lead decision makers to express incomplete preferences, that is, to refuse to compare the two alternatives, or to be unable … alternatives involving varying conflicts. Results show that depending on whether the participants are allowed to express incomplete … preferences or not, attribute spread has a different effect: a large attribute spread increases the frequency of incomparability …

Persistent link: https://www.econbiz.de/10011052813

Indifference, indecision, and coin-flipping

Kiernan, Mc; Kian, Daniel - In: Journal of Mathematical Economics 48 (2012) 4, pp. 237-246

This article operationalizes a non-empty relation as implied if strict preference and indifference jointly do not completely order the choice set. Specifically, indecision is operationalized as a positive preference for delegating choice to a least predictable device.

Persistent link: https://www.econbiz.de/10010599633

Rationalizing Boundedly Rational Choice : Sequential Rationalizability and Rational Shortlist Methods

Manzini, Paola; Mariotti, Marco - 2004

A sequentially rationalizable choice function is a choice function which can be obtained by applying sequentially a fixed set of asymmetric binary relations (rationales). A Rational ShortlistMethod (RSM) is a choice function which is sequentially rationalizable by two rationales. These concepts...

Persistent link: https://www.econbiz.de/10010261993

Biased representation of homothetic preferences on homogeneous sets

Menestrel, Marc Le; Lemaire, Bertrand - Department of Economics and Business, Universitat … - 2004

In the homogeneous case of one-dimensional objects, we show that any preference relation that is positive and homothetic can be represented by a quantitative utility function and unique bias. This bias may favor or disfavor the preference for an object. In the first case, preferences are...

Persistent link: https://www.econbiz.de/10005704864

Expected Utility Without the Completeness Axiom

Dubra, Juan; Maccheroni, Fabio; Ok, Efe A. - School of Management, Yale University - 2004

We study axiomatically the problem of obtaining an expected utility representation for a potentially incomplete preference relation over lotteries by means of a set of von Neumann-Morgenstern utility functions. It is shown that, when the prize space is a compact metric space, a preference...

Persistent link: https://www.econbiz.de/10005178454