This paper illustrates a new methodology for finding preferred action choice(s) under uncertainty for well-defined classes of decision-makers The methodology does not replace the expected utility maximizing rule, which has been used to identify preferred action choices; rather it extends the...

The interval measurement approach was used to obtain risk preference measures for 23 Michigan farmers in 1979 and again in 1981. This paper analyzes how risk preferences of the individuals in this group of decision-makers changed over a two year time period. Risk preferences were most stable...

The socioeconomic movement is an effort to better explain human behavior by combining insights of economists and sociologists. This paper contributes to the socioeconomic literature by including the influence of relationships, values, and social bonds in the neoclassical economic model by...

This paper summarizes the current state of the social capital paradigm from the viewpoint of the authors. The paper presents and defends a social capital definition based on sympathetic relationships. The paper also summarizes an expanded set of rational preferences that depend on social...

Social capital in the past two decades has emerged as a dominant paradigm in the various social science disciplines. However, its adoption by the different social science disciplines has led to multiple and often conflicting definitions of social capital. Some differences in the definition of...

An organization is a group of persons who satisfy an established membership requirement. Membership requirements may be based on inherited or earned traits. Organizations provide a place for social capital to reside. Organizations exist because they provide the setting in which members can meet...

Social capital is about relationships that are often based on earned or inherited kernels of commonality. Social capital raises the ethical question of when relationships should be allowed to influence outcomes. The essential theory underlying the social capital paradigm is that relationships of...

Implicit in most applications of the expected utility (EU) model is the assumption that only the decision maker's own income matters. Moreover, studies that estimate risk preferences typically measure how individuals respond to changes in the level and likelihood of having their own income...

Social capital, a person or group's sympathy or sense of obligation for another person or group, assumes relationships can alter the terms of trade and the likelihood of trades between individuals. Other important economic consequences of social capital result from its ability to internalize...