We approach the problem of preference aggregation by endowing both individuals and coalitions with partially-ordered or incomplete preferences for decision under risk. Restricting attention to the case of complete individual preferences, and assuming complete preferences for some pairs of agents...

Probability and time are integral dimensions of virtually any decision. To treat them together, we consider the prospect of receiving outcome <i>x</i> with a probability <i>p</i> at time <i>t</i>. We define risk and time distance, and show that if these two distances are traded off linearly, then preferences are...

Our analysis (Baucells and Lippman [2001]) of the problem of legal hold-up in co-ownership, in which legal partition is the only remedy to force a sale, proceeded as if a sale of the asset could be effected at any time at a fixed price if the cotenants agree. Here we utilize the more realistic...

For decisions whose consequences accrue over time, there are several possible techniques to compute total utility. One is to discount utilities of future consequences at some appropriate rate. The second is to discount per-period certainty equivalents. And the third is to compute net present...

Tight upper bounds for the expected loss of the DEBA (Deterministic-Elimination-By-Aspects) lexicographic selection heuristic are obtained for the case of an additive separable utility function with unknown non-negative, non-increasing attribute weights for numbers of alternatives and attributes...

We introduce a modification of the discounted utility model that accounts for both satiation and habit formation in intertemporal choice. Preferences depend on the satiation level and the habitual consumption level. These two state variables, together with the shape of the value function, drive...