We argue that the notion of Pareto dominance is not as compelling in the presence of uncertainty as it is under certainty. In particular, voluntary trade based on differences in tastes is commonly accepted as desirable, because tastes cannot be wrong. By contrast, voluntary trade based on...

A predictor is asked to rank eventualities according to their plausibility, based on past cases. We assume that she can form a ranking given any memory that consists of finitely many past cases. Mild consistency requirements on these rankings imply that they have a numerical representation via a...

An act maps states of nature to outcomes: deterministic outcomes, as well as random outcomes, are included. Two acts f and g are comonotonic, by definition, if it never happens that f(s) f(t) and g(t) g(s) for some states of nature s and t. An axiom of comonotonic independence is introduced...