This paper develops an extension of expected utility theory by introducing various restrictions; e.g., probabilities have only decimal (or binary) fractions of finite depths not greater than a given constant, the preference relation in question may be incomplete. The basic idea is separation between measurement of utility for pure alternatives and extension to lotteries involving more risks suc...

Abstract Background Fungal stem end rot disease of pitaya caused by Alternaria alternata is one the most destructive diseases in Binh Thuan province, Vietnam. This study aimed to assess antagonistic effects some endophytic bacteria isolated from weed plant ( Echinochloa colonum ) against A. . Results A total 19 were and 5 them presented vitro activity alternata. Of five, strain EC80 significant...

credence goods market is one of the markets that the asymmetric information has transformed it to a missing market. those goods and services that the applicant cannot determine the exact amount of their expenses due to the asymmetric information are called credence goods. from the economists' perspective, transaction in a market where participants are ignorant about each other is a game wi...

This note is a response to an unpublished paper by Evans and Thomas (1998) of which we have recently become aware. Evans and Thomas (1998) take issue with a paper that we published some years back on ‘Cooperation and Effective Computability’ in repeated games (Anderlini and Sabourian 1995). In that paper we showed that it is only the cooperative equilibria of an infinitely repeated two-player c...

Endogeneous Household Interaction Most econometric models of intrahousehold behavior assume that household decisionmaking is efficient, i.e., utility realizations lie on the Pareto frontier. In this paper we investigate this claim by adding a number of participation constraints to the household allocation problem. Short-run constraints ensure that each spouse obtains a utility level at least eq...

We consider a finite two-player zero-sum game with vector-valued rewards. We study the question of whether a given polyhedral set D is “approachable,” that is, whether Player 1 (the “decision maker”) can guarantee that the long-term average reward belongs to D, for any strategy of Player 2 (the “adversary”). We examine Blackwell’s necessary and sufficient conditions for approachability, and sho...

An increasingly popular practice in placing students to public schools in the US is the use of school choice programs. In a school choice program, each student submits a preference list of schools to a central authority which then decides upon how to place students to schools while also taking the priorities of students for schools into consideration. The crucial issue here is determining a cen...

Consider agents who undertake costly effort to produce stochastic outputs observable by a principal. The principal can award a prize to them with probabilities that depend on their outputs. His goal is to elicit maximal effort from the agents for the least prize. We show that, given a general class Π of probabilistic schemes for awarding the prize and a domain of agents’characteristics on which...

Consider agents who undertake costly effort to produce stochastic outputs observable by a principal. The principal can award a prize deterministically to the agent with the highest output or to all of them with probabilities that are proportional to their outputs. We show that the deterministic prize elicits more (expected, total) output when agents’ abilities are evenly matched, otherwise the ...