When several persons organized as a group are to choose one from among several specified alternatives they may make use of majority voting or some other decision-making process. This paper considers the case in which the decision process includes among the alternatives some that are probability...

The modeling of preferences for multiattribute alternatives has received an increased attention in marketing (consumer behavior) and management science (decision analysis). The research in the two disciplines is closely related and can be applied to predicting consumer preferences for...

This paper draws on econometrics, von Neumann-Morgenstern utility theory, stochastic choice theory, and consumer behavior to develop five basic axioms or postulates of stochastic choice behavior. These axioms imply the existence and uniqueness of a preference function which identifies how...

This paper investigates the problem of combining ordinal preferences, expressed as priority vectors, to form a consensus. An axiomatic structure relating to the concept of distance between rankings is developed, uniqueness of the distance measure is proven and its form derived. Adopting the...

The effect of convex transactions costs on consumers' derived utility functions and on optimal consumption and investment decisions is examined in a general multiperiod framework. The extent to which multiperiod consumption-investment behavior and capital market equilibrium may be studied in a...