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...

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...

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...

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...

We introduce learning in a Brock-Mirman environment and study the effect of risk generated by the planner's econometric activity on optimal consumption and investment. Here, learning introduces two sources of risk about future payoffs: structural uncertainty and uncertainty from the anticipation...