This paper presents an axiomatic model of decision making which incorporates objective but imprecise information. We axiomatize a decision criterion of the multiple priors (or maxmin expected utility) type. The model achieves two primary objectives. First, it explains how subjective belief...

This paper analyzes a stopping problem where the decision maker is driven by anticipated ex-post regret. There are two sources of potential dynamic inconsistency, one is arrival of information and the other is changing choice opportunities over time--discarding the current stopping option may...

Agriculture and forestry produce various environmental benefits such as CO2 absorption and water storage as well as food and energy crops. Environmental benefits contribute to improving the environment. This means agriculture has the potential to improve the environment. By measuring such...

Following Mongin [12, 13], we study social aggregation of subjective expected utility preferences in a Savage framework. We argue that each of Savage's P3 and P4 and incompatible with the Strong Pareto property. A representation theorem for social preferences satisfying Pareto indifference and...

This paper presents an axiomatic model of decision making which incorporates objective but imprecise information. We axiomatize a decision criterion of the multiple priors (or maxmin expected utility) type. The model achieves two primary objectives. First, it explains how subjective belief...

This note provides an alternative sufficient condition for the small income effect result that is first shown by Vives [Small income effects: a Marshallian theory of consumer surplus and downward sloping demand, Rev. Econ. Stud. 54(1) (1987) 87-103]. The condition is stated by ordinal terms...

A subjective expected utility agent is given information about the state of the world in the form of a set of possible priors. She is assumed to form her beliefs given this information. A set of priors may be updated according to Bayes' rule, prior-by-prior, upon learning that some state of the...