We characterize preferences over acts that can be represented by a utility function and a multiple–prior, such that an act f is preferred to act g if there is a prior under which the expected utility induced by f is higher than that induced by g. These preferences are referred to as justifiable preferences. We further introduce a generalized model of ambiguity that involves a collection of mult...

Many institutional investors periodically adopt an asset allocation policy that specifies target percentages of value for each of several asset classes. Typically a policy is set by a fund’s board after evaluating the implications of a set of alternative policies. The staff is then instructed to implement the policy, usually by maintaining the actual allocation to each asset class within a spec...

A voting protocol is said to be strongly participatory if for any player i and any strategy profile either the outcome is i‘s preferred one or i has a strategy which would ensure her a better outcome, and VNMstrategy proof if at any preference profile the set of sincere strategies of each player is a VNM-stable set. It is shown that the proportional lottery (PL) modular voting protocol is both ...