The main purpose of the Handbook of Utility Theory is to make more widely available some recent developments in the area. The editors selected a list of topics that seemed ripe enough to be covered by review articles. Then they invited contributions from researchers whose expert work had come to...

By definition, multilaterally strategy-proof mechanisms are immune to manipulation not only by individuals misrepresenting their preferences, but also by finite coalitions exchanging tradeable goods on the side. Continuum economies are defined in which both agents' identifiers and their...

The standard decision theories of Savage and of Anscombe and Aumann both postulate that the domain of consequences is state independent. But this hypothesis makes no sense when, for instance, there is a risk of death or serious injury. The paper considers one possible way of deriving subjective...

This paper addresses issues in extending the affine class of term structure models to describe the joint dynamics of exchange rates and interest rates. A standard incomplete markets approach is shown to impose many constraints on exchange rate dynamics in affine settings. A canonical...

In general equilibrium theory for private good economies, possible discontinuities in budget correspondences create obstacles to decentralizing Pareto efficient allocations, as well as to existence of Walrasian equilibrium with gains from trade. Then McKenzie's (1957) notion of compensated...