This tribute to the late James Buchanan is an elaboration of themes he developed on the importance of processes in real, experienced time, especially for individual choice. The conventional way of modeling choice is to think of it as the solution to a constrained maximization problem. If,...

It is common that a decision maker′s utility depends on the degree to which the attribute performance matches the aspiration. However, aspiration is not considered in the traditional multi-attribute decision making (MADM) approaches. Using the Strategic Freight Forwarder Selection of China...

This paper extends the concept of precautionary premium to a multivariate setting so as to measure the intensity of the precautionary saving motive to protect against multivariate risks. This makes it possible to disentangle and to link the various motives of precautionary saving depending on...

The timing of commuting trips made during morning and evening peaks has typically been investigated using Vickrey’s bottleneck model. However, in the conventional trip-based approach, the decisions that commuters make during the day about their activity schedules and time use are not...

We study the pricing and hedging problem of a claim ψ whose payoff depends on the default times of two firms A and B. Thus, regarding the possible defaults of these two firms and assuming that, in the market, we can not buy or sell any defaultable bond of the firm B but only trade defaultable...

This paper investigates the relationship between secure implementability (Saijo et al. in Theor Econ 2:203–229, <CitationRef CitationID="CR17">2007</CitationRef>) and full implementability in truthful strategies (Nicolò in Rev Econ Des 8:373–382, <CitationRef CitationID="CR13">2004</CitationRef>). Although secure implementability is in general stronger than full implementability...</citationref></citationref>

We consider two semiparametric models for the weight function in a bias sample model. The object of our interest parametrizes the weight function, and it is either Euclidean or non Euclidean. One of the models discussed in this paper is motivated by the estimation the mixing distribution of...

This paper analyzes empirical market utility functions and pricing kernels derived from the DAX and DAX option data for three market regimes. A consistent parametric framework of stochastic volatility is used. All empirical market utility functions show a region of risk proclivity that is...

Experimental studies of search behavior suggest that individuals stop searching earlier than predicted by the optimal, risk-neutral stopping rule. Such behavior could be generated by two different classes of decision rules: rules that are optimal conditional on utility functions departing from...