Article history: Received 14 August 2013 Received in revised form 17 December 2013 Accepted 20 December 2013 Available online 8 January 2014 JEL classification: D81 Q54

We generalize permissibility (Brandenburger, 1992) to allow for any suitably defined model of preference and definition of possibility. We also prove that the generalized solution concept characterizes rationality, caution, and common “belief” of rationality and caution. JEL classification: C72; D81

It is shown that interim dynamically consistent trade may be supported among agents who have resolute (non-consequential) choice preferences.  2003 Elsevier Inc. All rights reserved. JEL classification: D81; D82; D84

A belief operator derived from preferences is presented. It generalizes ‘belief with probability 1’ to incomplete preferences and satisfies minimal requirements for belief operators under weak conditions. JEL Classification no: D81.

We study the updating of beliefs under ambiguity for invariant biseparable preferences. In particular, we show that a natural form of dynamic consistency characterizes the Bayesian updating of these beliefs. JEL classification: D81

A theory of choice under uncertainty is proposed which removes the completeness assumption from the Anscombe–Aumann formulation of Savage’s theory and introduces an inertia assumption. The inertia assumption is that there is such a thing as the status quo and an alternative is accepted only if it is preferred to the status quo. This theory is one way of giving rigorous expression to Frank Knigh...

We provide a necessary and a sufficient condition on an individual’s expected utility function under which any zero-mean idiosyncratic risk increases cautiousness (the derivative of the reciprocal of the absolute risk aversion), which is the key determinant for this individual’s demand for options and portfolio insurance. JEL Classification Codes: D51, D58, D81, G11, G12, G13.

Committee decision making is examined in this study focusing on the role assigned to the committee members. In particular, we are concerned about the comparison between committee performance under specialization and non-specialization of the decision makers. JEL Classification number: D81, D71

We show that a steeply increasing workload before a deadline is compatible with time-consistent preferences. The key departure from the literature is that we consider a stochastic environment where success of effort is not guaranteed. JEL Classification: D91, J22, D81, D11.

This paper develops an axiomatic theory of decision making under uncertainty that dispenses with the state space. The results are subjective expected utility models with unique, action-dependent, subjective probabilities, and a utility function defined over wealth-effect pairs that is unique up to positive linear transformation. JEL classification code: D81