Conditioning and aggregation of preferences

Article Abstract:

A general unifying approach in forming models of choices under uncertainty presented the effects of consequences through conditional preferences over acts. Conditional preferences over acts were taken as primitive, relative to a situation where the decision maker took into account subjective consequences as part of the acts. The result of the study provided a manner in which conditional utilities can be aggregated to create unconditional utilities. Analyses also showed how the structures of acts and conditional preferences obtained through applications, such as disappointment, regret, and the subjective value of information.

Utility theory, Utility functions, Consequentialism (Ethics)

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The evolution of Walrasian behavior

Article Abstract:

An evolutionary approach to Walrasian behavior analysis provided a framework where no consideration was given to absence of monopoly and large population. Two recent works, Schaffer (1989), and Rhode and Stegman (1995), had shown that in two quantity-setting firms with identical and constant marginal cost, the Walrasian behavior evolved steadily. The study also showed that when these two-firm contexts were approached in a dynamic stochastic framework, Walrasian behavior undergoes evolution in the long-run in any quantity-setting oligopoly that produces a homogenous good with the conditions that law of demand is fulfilled.

Walrasian model, Behavior evolution, Behavioral evolution

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Common Priors: a reply to Gul

Article Abstract:

The common prior assumption (CPA) is a useful method in analyzing and evaluating the interactive decision theory. CPA conveys that probability differences are found in information only. Gul's information model consists of 2 phases, namely the current and prior phases. At the prior stage, which represents a situation that occurred at some prior time, all possible factors are known to the characters. Each one knows each others beliefs. From this assumption, beliefs at the prior stage are different and known by all.

Information Theory, Models, Information technology, Probabilities, Probability theory

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