We provide a characterization of the consequences of the assumption that a decision maker with a given utility function is Choquet rational : She maximizes expected utility, but possibly with respect to non-additive beliefs, so that her preferences are represented by Choquet expected utility (CEU). The characterization shows that this notion of rationality allows in general to rationalize more ...

Uncertainty about which arguments or attacks should appear in an argument graph means that there is uncertainty as to the structure of the argument graph. When informal arguments are presented, there may be imprecision in the language used, and so the audience may be uncertain as to the structure of the argument graph as intended by the presenter of the arguments. For a presenter of arguments, ...

This paper analyzes a model of decision under ambiguity, deemed vector expected utility or VEU. According to the proposed model, an act f :Ω→X is evaluated via the functional V ( f ) = ∫

Using a system of axioms, this paper develops a general utility model of other-regarding preferences when opponents are unfamiliar, but they are not strictly anonymous in the sense that they may share some history. Based on two key axioms, an individual’s preferences over a vector of probability distributions are additively separable in the decision maker’s own outcome and each opponent’s outco...

It is well known that ex post e¢ cient mechanisms for the provision of indivisible public goods are not interim individually rational. However, the corresponding literature assumes that agents who veto a mechanism can enforce a situation in which the public good is never provided. This paper instead considers majority voting with uniform cost sharing as the relevant status quo. E¢ cient mechani...

We characterize preferences over acts that can be represented by a utility function and a multiple–prior, such that an act f is preferred to act g if there is a prior under which the expected utility induced by f is higher than that induced by g. These preferences are referred to as justifiable preferences. We further introduce a generalized model of ambiguity that involves a collection of mult...

Many institutional investors periodically adopt an asset allocation policy that specifies target percentages of value for each of several asset classes. Typically a policy is set by a fund’s board after evaluating the implications of a set of alternative policies. The staff is then instructed to implement the policy, usually by maintaining the actual allocation to each asset class within a spec...