In a recent paper, Thomson and Yeh [Thomson, W., Yeh, C.-H., 2008. Operators for the adjudication of conflicting claims. Journal of Economic Theory 143, 177–198] introduced the concept of operators on the space of rules for the problem of adjudicating conflicting claims. They focused on three...

Events that occur over a period of time can be described either as sequences of outcomes at discrete times or as functions of outcomes in an interval of time. This paper presents discounting models for events of the latter type. Conditions on preferences are shown to be satisfied if and only if...

Abstract A fundamental result in the theory of stochastic dominance tells that first order dominance between two finite multivariate distributions is equivalent to the property that the one can be obtained from the other by shifting probability mass from one outcome to another that is worse a...

We study the optimal management of teams in which agents’ effort decisions are mapped (via a production technology) into the probability of the team’s success. Optimal wage schemes in such context are largely discriminatory, but we show that the extent of the discrimination crucially depends...

Abstract We analyze the problem of choosing the most appropriate method for apportioning taxes in a democracy. We consider a simple theoretical model of taxation and restrict our attention to piece-wise linear tax methods, which are almost ubiquitous in advanced democracies worldwide. We show...