Non-additive measures, also known as fuzzy capacities, and monotonic games, are increasingly used in different fields. Applications have been built within computer science artificial intelligence related to e.g., decision making, image processing, machine learning for both classification, regression. Tools measure identification built. In short, non-additive measures more general than additive ...

The paper establishes a tight relation between non-standard behaviors in the domains of risk and time by considering a decision maker with non-expected utility preferences who believes that only present consumption is certain while any future consumption is uncertain. We provide the rst complete characterization of the two-way relations between i) certainty e ect and present bias, and, ii) comm...

The axioms of expected utility and discounted theory have been tested extensively. In contrast, the social welfare functions only in a few questionnaire studies involving choices between hypothetical income distributions. controlled experiment with 100 subjects placed role planners, we test five fundamental properties to determine efficacy traditional choice models predicting planner allocation...

Conventional explanations for observations of anomalous behaviour of mechanical systems during solar eclipses are critically reviewed. These observations include the work of Allais with paraconical pendula, those of Saxl and Allen with a torsion pendulum and measurements with gravimeters. Attempts of replications of these experiments and recent gravimeter results are discussed and unpublished d...

We generalize the Allais common consequence effect by describing three common consequence effect conditions and characterizing their implications for the probability weighting function in rank-dependent expected utility. The three conditions—horizontal, vertical, and diagonal shifts within the probability triangle—are necessary and sufficient for different curvature properties of the probabilit...

The mean-variance approach is an influential theory of decision under risk proposed by Markowitz (1952). Unfortunately, the mean-variance approach allows for violations of the first-order stochastic dominance. This paper proposes a new model in the spirit of the classical mean-variance approach but without violations of stochastic dominance. The proposed model represents preferences by a functi...

We introduce and analyze expected uncertain utility theory (EUU). A prior and an interval utility characterize an EUU decision maker. The decision maker uses her subjective prior to transform each uncertain prospect f into an interval-valued prospect f which assigns an interval [x, y] of prizes to each state. The decision maker ranks prospects according to their expected interval utilities E(u(...

We present a micro-founded search-theoretical model of money in which agents are subject to idiosyncratic liquidity shocks as well as aggregate productivity and monetary shocks. Monetary policy has redistributive effects and persistent effects on output and prices: aggregate shocks will propagate and diffuse gradually as the money distribution adjusts over time. The model is used to study the c...