Choice without beliefs

Article Abstract:

An axiomatic foundation for decision making in a complex environment was provided. The assumption was that the decision maker did not have complete structural knowledge of the environment. What the agent knew was the set of actions he could take and based on these, he formulated preferences directly on the actions and chose accordingly to these preferences. The modification of these preferences according to a systematic procedure was based on experience. An axiomatic foundation for a set of simple adaptive learning procedures that include the replicator dynamic was the main result.

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Optimal investment selection with a multitude of projects

Article Abstract:

Decisions about investments in different investment activities cannot be done in isolation since each decision affects cash flow and one's ability to make additional investments. A model for making optimal multi-period investments on an arbitrary number of investment projects is presented. The model takes into consideration cash flow, risks as well as other factors that influence investment decisions.

Investments

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The interaction between time-nonseparable preferences and time aggregation

Article Abstract:

An analysis of the relationship between time-nonseparable preferences and time aggregation is presented. The analysis specifies a continuous-time, linear quadratic representative consumer model. It is shown that time aggregation and time nonseparabilities can interact under given preferences above consumption streams. Results do not indicate possibilities for separation of the given timevariables.

Analysis, Permanent income theory

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