This paper introduces the concept of ordient for binary relations (prefer-ences), a relative of the concept of gradient for functions (utilities). The mainmotivation for this study is to replace the binary relation at the center stageof economic analysis, rather than its representation (whenever...

We present a survey design that generalizes static conjoint experiments to elicit inter-temporal adoption decisions for durable goods. We show that consumers' utility and discount functions in a dynamic discrete choice model are jointly identified using data generated by this specific design. In...

This paper provides a formal justification for the existence of subjective random components intrinsic to the outcome evaluation process of decision makers and explicitly assumed in the stochastic choice literature. We introduce the concepts of admissible error function and generalized certainty...

We look at the exchange rate policy choices and outcomes for small rich economies. Small rich economies face significant policy challenges due to proportionately greater economic volatility than larger economies. These economies usually choose some form of fixed exchange rate regime,...

Recursive utility models of the type introduced by Kreps and Porteus (1978) are used extensively in applied research in macroeconomics and asset pricing in environments with uncertainty. These models represent preferences as the solution to a nonlinear forward-looking difference equation with a...

One of the basic principles of successful place marketing and branding is the thoughtful analysis of target groups needs and preferences. Many authors show favour to the city residents as the core target group. The residents may also be segmented into the smaller groups, and in some cases...

In a simple single commodity certainty setting with changing tastes, a consumer's consumption plan can be obtained using naive or sophisticated choice. Although in general these solutions diverge, they agree in the special case where the changing tastes are represented by discounted logarithmic...