A voting protocol is said to be strongly participatory if for any player i and any strategy profile either the outcome is i‘s preferred one or i has a strategy which would ensure her a better outcome, and VNMstrategy proof if at any preference profile the set of sincere strategies of each player is a VNM-stable set. It is shown that the proportional lottery (PL) modular voting protocol is both ...

We consider an economic agent with dynamic preference over a set of uncertain monetary payoffs. We assume that the agent’s preferences are given by utility functions, which are updated in a time-consistent way as more information is becoming available. Our main result is that the agent’s indifference prices are time-consistent if and only if his preferences can be represented with utility funct...

We examine a model in which the user of an online system continually updates his/her estimated probability of success, and quits or continues according to the expected utility of each action. The prior distribution of the unknown probability is a beta distribution, with mean determined by the a priori expectation of success, and variance determined by the confidence with which the user has that...

We consider a simple sequential allocation procedure for sharing indivisible items between agents in which agents take turns to pick items. Supposing additive utilities and independence between the agents, we show that the expected utility of each agent is computable in polynomial time. Using this result, we prove that the expected utilitarian social welfare is maximized when agents take altern...

This is a study of the representations of subjective expected utility preferences that admit state-dependent incompleteness, and subjective expected utility preferences displaying non-comparability of acts from distinct sources. The notions familiar events and sources are defined and characterized. The relation greater familiarity on sources and increasing familiarity of a source are also defin...

Under expected utility, prudence is equivalent to a positive third derivative of utility and plays a crucial role in precautionary saving behaviour. Eeckhoudt and Schlesinger (2006) proposed behavioural de nitions of prudence and of higher order risk preferences. The present paper proposes a similar de nition for prudence with respect to ambiguity, i.e., situations in which objective probabilit...

We study the effects of bidder collaboration in all-pay auctions. We analyse both mergers, where the remaining players are aware of the agreement between the cooperating participants, and collusion, where the remaining players are unaware of this agreement. We examine two scenarios: the sum-profit model where the auctioneer obtains the sum of all submitted bids, and the max-profit model of crow...