There is an increasing interest in the concept of social exclusion and the related concept of social isolation and their potential role in understanding inequality. We examine the degree to which voluntary separation from social activities during adolescence affects adult wages. It is well-known...

Economic theory reduces the concept of rationality to internal consistency. As far as beliefs are concerned, rationality is equated with having a prior belief over a “Grand State Space”, describing all possible sources of uncertainties. We argue that this notion is too weak in some senses...

This paper analyzes how the statistical properties of a risk affect the attitutde of individuals towards accepting another independent risk. We conduct the analysis for the class of increasing utility functions having all their derivatives with alternating sign.

We study the investment incentives of a regulated, incumbent firm in a deregulation process. The regular cannot commit to a long-term regulatory policy, and investment decisions are taken before optimal regulatory policies are imposed.

Strategy-proof social choice functions are characterized for societies where the space of alternatives is any full dimensional compact subset of a Euclidean space and all voters have generalized single-peaked preferences.

A key issue multicriteria evaluation in a fuzzy environment is how to compare fuzzy numbers. In this paper, the case of criterion scores in the form of L-R fuzzy numbers, i.e. the most general form of fuzzy numbers, will be considered.