We introduce a new choice rule that is based on the evidence that decision makers do not pay attention to all items in a menu. Nevertheless they have an underlying rational preference. The Fuzzy Attention Model (FAM) is characterized by an axiom based on revealed stochastic choice akin to the Strong Axiom of Revealed Preference (SARP). The model helps to introduce novel notions of substitutabil...

Interpersonal Comparisons of Utility: An Algebraic Characterization of Projective Preorders and Some Welfare Consequences It is shown that any completely preordered topological real algebra admits a continuous utility representation which is an algebra-homomorphism (i.e., it is linear and multiplicative). As an application of this result, we provide an algebraic characterization of the projecti...

STM has been used to characterize fluctuation properties of segments of step edges partly covered by C60 on Ag 111 at room temperature. The distribution of C60 at step edges exhibits a step orientation dependence: Low-symmetry step edges are more favorable for C60 binding. The temporal correlation functions of step segments between C60-covered step regions scale as a power law, with an average ...

The stability of optimal plans with respect to information is studied given the representation of information as sub-σ -fields of a probability space. A decision maker is constrained to choose a plan measurable with respect to her information. Continuity is derived by characterizing the continuity of the measurability constraint correspondence and then applying a generalized maximum theorem. Th...

We study pure exchange economies with symmetries on preferences up to taste intensity transformations. In a 2-person, 2-good endowment economy, we show that bilateral symmetry on each utility functional precludes a rectangle in the Edgeworth box as the location of Pareto optimal allocations. Under strictly quasi-concave preferences, a larger set can be ruled out. The inadmissible region is stil...

Classical foundations of expected utility were provided by Ramsey, de Finetti, von Neumann and Morgenstern, Anscombe and Aumann, and others. These foundations describe preference conditions to capture the empirical content of expected utility. The assumed preference conditions, however, vary among the models and a unifying idea is not readily transparent. Providing such a unifying idea is the p...

We prove non-emptiness of the α-core for balanced games with non-ordered preferences, extending and generalizing in several aspects the results of Scarf (1971), Border (1984), Florenzano (1989), Yannelis (1991b) and Kajii (1992). In particular we answer an open question in Kajii (1992) regarding the applicability of the non-emptiness results to models with infinite dimensional strategy spaces. ...

We study the optimal dynamics of an AK economy where population is uniformly distributed along the unit circle. Locations only differ in initial capital endowments. Despite constant returns to capital, we prove that transition dynamics will set in. In particular, we prove that the spatio-temporal dynamics, induced by the willingness of the planner to give the same (detrended) consumption over s...

Using simulation and analysis we show that agent-based auction-cleared automated markets can be stabilized using only completely myopic agents (without value traders), if these naı̈ve agents are provided with a price signal that reflects order book information. This demonstrates that information in the order book is extremely valuable, that prediction can be replaced by better instantaneous info...