This note considers preference structures over countable sets which allow incomparable outcomes and nontransitive preferences and indifferences. Necessary and sufficient conditions are provided under which such a preference structure can be represented by means of utility function and a...

Purpose – The purpose of this short paper is to provide an alternative method to explain the reason why the outcome of the ultimatum game based on the well‐known self‐interest model is not feasible in real life. Design/methodology/approach – Contrary to traditional models which treat...

Purpose – The purpose of this short paper is to provide an alternative method to explain the reason why the outcome of the ultimatum game based on the well-known self-interest model is not feasible in real life. Design/methodology/approach – Contrary to traditional models which treat...

Forest policy decisions are complex and often multi-faceted. A major criticism of the neoclassical approach is the omission of risk and uncertainty, multiple attributes of agricultural and forestry decisions and use of income or profit as the sole metric for evaluation of alternative decisions....

A testable form of the utility hypothesis results from identifying necessary condition(s) for the existence of a utility function that rationalizes the price and quantity data, meaning a utility function that correctly predicts choices that do not violate an agent's budget constraint. Possible...