Although there are alternative models which can explain the Allais paradox with non-standard preferences, they do not take the emerging evidence on preference imprecision into account. The imprecision is so far incorporated into these models by adding a stochastic specification implying the...

Since the 17th century, the question of the economic valuation of time (in particular the working time) has been at the center of debates among economists, from classicists to neoclassicists, Marxists to contemporary schools of thought. Today, with the advent of the digital age, characterized by...

The neoclassical consumer maximizes utility and makes choices by completely preordering the feasible alternatives and weighing when indifferent. The consumer studied in this paper chooses by weighing when indifferent and also when indecisive, without necessarily preordering the alternatives or...

This study provides information on the structure of the consumer demand for meat group (1950-51 to 2004-2005) in Pakistan. Nonparametric tests were used on the data set to check the consistency of the data with the theory of revealed preferences, e.g. the Afriat inequalities, GARP and the...

This paper proposes and characterises two preference-based choice rules that allow the decision maker to choose nothing if the criteria associated with them are satisfied by no feasible alternative. Strict preferences are primitive in the first rule and weak preferences in the second. Each of...

This paper elaborates on the economic operating system (EOS) the role it can play in growth. It focuses on markets, price determination and forces of demand and supply in order to illustrate how an EOS model offers greater economic growth, stability and safety. This paper delves into market...

This paper elaborates on the economic operating system (EOS) the role it can play in growth. It focuses on markets, price determination and forces of demand and supply in order to illustrate how an EOS model offers greater economic growth, stability and safety. It delves into market theory to...

In many models of interdependent preferences the payoffs have not only personal value but also enter the social part of the utility. This duality creates a problem of distinguishing what influences the choice more: consumption or social concerns. To identify what drives the behavior it is...

. A wide body of literature on economic theory is devoted to the analysis of industrial goods markets with the possibility of advertising influence on demand. However, these models do not view media as industry entities with their own strategic goals and objectives. On the other hand, the main...

Any demand equation satisfying Lau’s (1982) Fundamental Theorem of Exact Aggregation and is 0° homogeneous in prices and income will have a Gorman (1981) functional form for each income term. This property does not depend on symmetry or adding up. The implications of this result are...