This paper argues that a generalized model of social preferences must simultaneously pass two tests; the Variety Test (explain outcomes under variety, the V-test) and the Psychological Test (conform to psychological intuition, the P-test). It is shown that none of the models proposed to date unconditionally passes these tests. The paper extends the Fehr and Schmidt model of inequality-aversion ...

The problem of proving generalization bounds for the performance of learning algorithms can be formulated as a problem of bounding the bias and variance of estimators of the expected error. We show how various stability assumptions can be employed for this purpose. We provide a necessary and sufficient stability condition for bounding the bias and variance for the Empirical Risk Minimization al...

We analyse the all-pay auction with incomplete information and variance-averse bidders. We characterise the symmetric equilibrium for general distributions of valuations and any number of bidders. Variance aversion is a sufficient assumption to predict that high-valuation bidders increase their bids relative to the risk-neutral case while low types decrease their bid. Considering an asymmetric ...

The bias against mangrove areas in siting fish farms prompted a comparison of the cost structure and yield performance in upland and mangrove locations. Tools utilized included descriptive statistics, budgetary and cash flow analyses and profitability ratios. Empirical results revealed that substantial revenue could be realized from both farms. While the upland farms yielded average gross reven...

Since a company can merely perform as good as allowed by its suppliers, the extreme importance of supplier selection in supply chain management has been increasingly recognized. Supplier selection can be best described as a highly complex process due to the involvement of many, sometimes conflicting, both qualitative and quantitative criteria. The goal of supplier selection is to select the mos...

Actuarial risk assessments might be unduly perceived as a neutral way to counteract implicit bias and increase the fairness of decisions made at almost every juncture of the criminal justice system, from pretrial release to sentencing, parole and probation. In recent times these assessments have come under increased scrutiny, as critics claim that the statistical techniques underlying them migh...

Using a model of repeated trade between a long-lived, informed, price-discriminating market maker and risk averse traders with endogenous hedging demands, I first show that traders are weakly better off trading with an informed dealer, as they may learn something about an asset’s value in the process of transacting. Second, while longterm incentives can induce an informed market maker to honest...