Showing 1 - 10 of 108
We study the impact of uncertainty on the strategies and dynamics of symmetric non-cooperative games among players who exploit a non-excludable resource that reproduces under uncertainty. We focus on a particular class of games that deliver a Nash equilibrium in linear-symmetric strategies of...
Persistent link: https://www.econbiz.de/10014062709
Persistent link: https://www.econbiz.de/10003421737
This paper addresses the classic Arrow-Pratt model of choice under uncertainty, relaxing one important condition, and using different tools. The condition relaxed is the single variable in preferences, by allowing for imperfect substitutability in preferences. The tools used are not topological...
Persistent link: https://www.econbiz.de/10013147375
Persistent link: https://www.econbiz.de/10010384192
Persistent link: https://www.econbiz.de/10011642489
We study the effect of changing income on optimal decisions in the multidimensional expected utility framework with strongly separable preferences. Using the Kihlstrom and Mirman (1974) (KM) utility representation, we show that the effect of changing income can be decomposed into a modified...
Persistent link: https://www.econbiz.de/10013007578
This paper recasts the consumer utility maximization comparative statics problem in an order/lattice theoretic framework. It argues that it is not possible to do so while maintaining reliance on the Euclidean lattice, and shows how order/lattice structures appropriate for income and price...
Persistent link: https://www.econbiz.de/10012718298
Antoniadou (2004a) laid the foundations of the methodology for using lattice programming to study comparative statics in the consumer problem. The definition of income effects gives rise to a class of partial orders called value orders. This paper carries the analysis further by showing how...
Persistent link: https://www.econbiz.de/10012718300
This paper considers the consumer problem under uncertainty when the consumer can choose the quantity of a risk-free good and the lottery, or distribution, of a risky good. These goods are imperfect substitutes in the consumer preferences, with additive preferences a special case. We develop...
Persistent link: https://www.econbiz.de/10012713852
Wealth uncertainty may be resolved before consumption in which case consumption is optimal. But if uncertainty remains at the consumption level, after allocative decisions are made, ex post relative consumption is suboptimal. Therefore, ex ante the consumer has to balance attitudes to risk with...
Persistent link: https://www.econbiz.de/10014093348