This paper studies welfare criteria under an environment in which a decision maker is endowed with a nontransitive preference relation. In such an environment, the classical utilitarian welfare criterion may not identify the welfare order, and the problem of maximizing the decision maker’s welfare becomes ambiguous. In order to find a criterion that applies to nontransitive preference relations...

1 Galie N, Corris PA, Frost A, et al. Updated treatment algorithm of pulmonary arterial hypertension. J Am Coll Cardiol 2013; 62: Suppl. 25, D60–D72. 2 Gibbs JS. National Audit of Pulmonary Hypertension 2014. Health and Social Care Information Centre, 2015. www.hscic.gov.uk/catalogue/PUB17264/nati-pulm-hype-audi-2014-rep.pdf 3 Marra AM, Egenlauf B, Bossone E, et al. Principles of rehabilitation...

It is well-known that the ability of the Vickrey-Clarke-Groves (VCG) mechanism to implement e¢ cient outcomes for private value choice problems does not extend to interdependent value problems. When an agent’s type a¤ects other agents’utilities, it may not be incentive compatible for him to truthfully reveal his type when faced with CGV payments. We show that when agents are informationally sma...

This paper provides a game-theoretic model of probabilistic voting and then examines the incentives faced by candidates in a spatial model of elections. In our model, voters’ strategies form a Quantal Response Equilibrium (QRE), which merges strategic voting and probabilistic behavior. We first show that a QRE in the voting game exists for all elections with a finite number of candidates, and t...

The proteins of the large subunit of rat liver ribosomes were separated into seven groups by stepwise elution from carboxymethylcellulose with LiCl at pH 6.5. Seventeen proteins (L4, L5, Li’, L9, Lll, L12, L13, L21, L22, L23, L26, L27, L30, L33, L35’, L37, and L39) were isolated from three of the groups (B60, D60, G60) by ion exchange chromatography on carboxymethylcellulose and by filtration t...

This paper studies the consequences of opening asset markets more often for the properties of asset prices and social welfare. For all reasonable parameter values, increasing trading hours lowers average asset prices, increases unconditional asset price volatility at a given point in time, and decreases unconditional asset price volatility when averaged over the period of time that includes the...

The proteins of the large subunit of rat liver ribosomes were separated into seven groups by stepwise elution from carboxymethylcellulose with LiCl at pH 6.5. Seventeen proteins (L4, L5, Li’, L9, Lll, L12, L13, L21, L22, L23, L26, L27, L30, L33, L35’, L37, and L39) were isolated from three of the groups (B60, D60, G60) by ion exchange chromatography on carboxymethylcellulose and by filtration t...

Risks continue near the coasts such as flooding, oil spills, deaths and unemployment despite numerous policies to prevent and mitigate their effects. Such policies are typically analyzed in their natural units, such as jobs, and so comparisons are difficult across risk categories. An approach similar to supplemental national income and product accounting allows direct comparison of the relative...

This paper investigates a fund manager’s risk-taking incentives induced by an increasing and convex fund-flows to relative-performance relationship. In a dynamic portfolio choice framework, we show that the ensuing convexities in the manager’s objective give rise to a finite risk-shifting range over which she gambles to finish ahead of her benchmark. Such gambling entails either an increase or ...