This paper studies equilibrium portfolios in the traditional neoclassical growth model under uncertainty with heterogeneous agents and dynamically complete markets. Preferences are restricted to be quasi-homothetic. Heterogeneity across agents is due to two reasons. First, agents may have di¤erent shares of the representative ...rm at date 0. Secondly, agents may also have di¤erent preferences ...

An auction is externality-robust if unilateral deviations from equilibrium leave the other bidders’ payoffs unaffected. The equilibrium and its outcome will then persist if certain types of externalities arise between bidders. One example are externalities due to spiteful preferences, which have been used to explain overbidding in the second-price auction (SPA). Another example are cross-shareh...

There is a surprising disconnect between formal rational choice theory and philosophical work on reasons. The one is silent on the role of reasons in rational choices, the other rarely engages with the formal models of decision problems used by social scientists. To bridge this gap, we propose a new, reason-based theory of rational choice. At its core is an account of preference formation, acco...

To clarify whether a difference exists in the redistribution preferences of Japan and China and to provide insights into the possible causes of this difference, this study conducts an experiment similar to a dictator game but in which both donors and recipients have the chance to redistribute the initial incomes. In the experiment, an initial income gap is caused by one of two kinds of tasks th...

Ambiguity preferences are important to explain human decision-making in many areas in economics and finance. To measure individual ambiguity preferences, the experimental economics literature advocates using incentivized laboratory experiments. Yet, laboratory experiments are costly and require a lot of time and administrative effort. This study develops an ambiguity preference survey module th...

An expert, trying to assess the true distribution over the states of nature, is associated with a preference relation over utility bundles. He prefers f to g if he believes that, according to the true distribution, the expected utility of f is greater than that of g. Expert I is said to be more knowledgeable than expert II (Lefort [7]) if, between the two experts, it is always beneficial to fol...

STUDY DESIGN Descriptive. INTRODUCTION The Hamilton Inventory for Complex Regional Pain Syndrome (HI-CRPS) is a multidisciplinary assessment tool under development. PURPOSE OF THE STUDY This study examined the assessment practices, beliefs and preferences of health care professionals working with CRPS to inform the content and structure of the clinician-based portion of the HI-CRPS (CB-HI-C...

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The 40 annual meeting of the International Continence Society (ICS) and the 35 of the International Urogynecological Association (IUGA) was held at the Metro Toronto Convention Center in Toronto, Canada. This was the third time that the ICS and IUGA have held a joint annual scientific meeting, a combined event that now takes place every five years. The total attendance in Toronto of 3525 beat a...