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Departing from the traditional approach to modeling an agent who finds it difficult to make clear-cut comparisons between alternatives, we introduce the notion of graded preferences: Given two alternatives, the agent reports a number between 0 and 1, which reflects her inclination to prefer the...
Persistent link: https://www.econbiz.de/10011188895
Departing from the traditional approach of modeling indecisiveness based on the weakening of the completeness axiom, we introduce the notion of graded preferences: The agent is characterized by a binary relation over (ordered) pairs of alternatives, which allows her to express her inclination to...
Persistent link: https://www.econbiz.de/10011189753
In the framework of dynamic choice under uncertainty, we define dynamic stability as a combination of two assumptions prevalent in the literature: dynamic consistency and the requirement that updated preferences have the same “structure” as ex ante ones. Dynamic stability also turns out to...
Persistent link: https://www.econbiz.de/10011042961
In the framework of dynamic choice under uncertainty, we define dynamic stability as a combination of two assumptions prevalent in the literature: dynamic consistency and the requirement that updated preferences belong to the same class as ex ante ones. Maxmin preferences are shown to be not...
Persistent link: https://www.econbiz.de/10010570318
Persistent link: https://www.econbiz.de/10010132672
Warm-glow refers to other-serving behavior that is valuable for the actor per se, apart from its social implications. We provide axiomatic foundations for warm-glow by viewing it as a form of preference for larger choice sets, in the sense of the literature on freedom of choice. Specically, an...
Persistent link: https://www.econbiz.de/10010535509
Warm-glow refers to other-serving behavior that is valuable for the actor per se, apart from its social implications. We provide axiomatic foundations for warm-glow by viewing it as a form of preference for larger choice sets driven by one's desire for freedom to act selfishly. Specifically, an...
Persistent link: https://www.econbiz.de/10010832969