We comment on the relation between models of information based on signals/partitions, and those based on sigma-algebras. We show that more informative signals need not generate finer sigma-algebras, hence that Blackwell's theorem fails if information is modeled as sigma-algebras. The reason is...

The organization of supply relations varies across industries. This paper builds a theoretical framework to compare three alternative supply structures: vertical integration, networks, and markets. The analysis considers the relationship between uncertainty in demand for specific inputs,...

We study the intergenerational accumulation of knowledge in an infinite-horizon model of communication. Each in a sequence of players receives an informative but imperfect signal of the once-and-for-all realization of an unobserved state. The state affects all players' preferences over present...

We consider preference relations over information that are monotone: more information is preferred to less. We prove that, if a preference relation on information about an uncountable set of states of nature is monotone, then it is not representable by a utility function.

Afriat's original method of proof is restored by using the minmax theorem.

We consider the n-player houseswapping game of Shapley-Scarf (1974), with indifferences in preferences allowed. It is well-known that the strict core of such a game may be empty, single-valued, or multivalued. We define a condition on such games called "segmentability", which means that the set...

We provide theoretical foundations for several common (nested) representations of intrinsic linear habit formation. These representations are dynamically consistent and additive, with geometrically decaying coefficients of habit formation. Our axiomatization introduces a revealed preference...

Let A be a fixed integer matrix of size m by n and consider all b for which the body is full dimensional. We examine the set of shortest non-zero integral vectors with respect to the family of norms. We show that the number of such shortest vectors is polynomial in the bit size of A, for fixed...

We provide theoretical foundations for several common (nested) representations of intrinsic linear habit formation. Our axiomatization introduces an intertemporal theory of weaning a decision-maker from her habits using the device of compensation. We clarify differences across specifications of...

Previous research has established that the predictions made by game theory about strategic behavior in incomplete information games are quite sensitive to the assumptions made about the players' infinite hierarchies of beliefs. We evaluate the severity of this robustness problem by...