This paper compares classical expected utility with the more general rank-dependent utility models. First we show that it is the difference between the independence condition for preferences of expected utility and its comonotonic generalization in rank-dependent utility, that provides the exact...

Economics

This dissertation, which consists of three essays, studies online auctions boththeoretically and empirically.The first essay studies a special online auction format used by eBay, “Buy-It-Now” (BIN) auctions, in which bidders are allowed to buy the item at a fixed BINprice set by the seller...

Economics