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J.(1991), Interpersonal Comparisons of Utility: Why and How They Are and
 Should Be Made, in Elster and Roemer, Interpersonal Comparisons of Well Being
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Objective and Subjective Rationality in a Multiple Prior Model
 Daron Acemoglu, Davide Ticchi and Andrea Vindigni, “A Theory of Military Dictatorships
"... The copyright to this Article is held by the Econometric Society. It may be downloaded, printed and reproduced only for educational or research purposes, including use in course packs. No downloading or copying may be done for any commercial purpose without the explicit permission of the Econometric ..."
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Cited by 38 (8 self)
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The copyright to this Article is held by the Econometric Society. It may be downloaded, printed and reproduced only for educational or research purposes, including use in course packs. No downloading or copying may be done for any commercial purpose without the explicit permission of the Econometric Society. For such commercial purposes contact the Office of the Econometric Society (contact information may be found at the website
Axiomatic foundations of multiplier preferences
, 2007
"... This paper axiomatizes the robust control criterion of multiplier preferences introduced by Hansen and Sargent (2001). The axiomatization relates multiplier preferences to other classes of preferences studied in decision theory. Some properties of multiplier preferences are generalized to the broade ..."
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Cited by 33 (3 self)
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This paper axiomatizes the robust control criterion of multiplier preferences introduced by Hansen and Sargent (2001). The axiomatization relates multiplier preferences to other classes of preferences studied in decision theory. Some properties of multiplier preferences are generalized to the broader class of variational preferences, recently introduced by Maccheroni, Marinacci and Rustichini (2006). The paper also establishes a link between the parameters of the multiplier criterion and the observable behavior of the agent. This link enables measurement of the parameters on the basis of observable choice data and provides a useful tool for applications. I am indebted to my advisor Eddie Dekel for his continuous guidance, support, and encouragement. I am grateful to Peter Klibanoff and Marciano Siniscalchi for many discussions which resulted in significant improvements of the paper. I would also like to thank Jeff Ely and Todd Sarver for helpful comments and suggestions. This project started after a very stimulating conversation with Tom Sargent and was further shaped by conversations with Lars Hansen. All errors are my own.
Decision Making with Belief Functions: Compatibility and Incompatibility with the SureThing Principle
 JOURNAL OF RISK AND UNCERTAINTY, 8:255271 (1994) 9 1994
, 1994
"... This article studies situations in which information is ambiguous and only part of it can be probabilized. It is shown that the information can be modeled through belief functions if and only if the nonprobabilizable information is subject to the principles of complete ignorance. Next the representa ..."
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Cited by 28 (2 self)
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This article studies situations in which information is ambiguous and only part of it can be probabilized. It is shown that the information can be modeled through belief functions if and only if the nonprobabilizable information is subject to the principles of complete ignorance. Next the representability of decisions by belief functions on outcomes is justified by means of a neutrality axiom. The natural weakening of Savage's surething principle to unambiguous events is examined and its implications for decision making are identified.
Decision making under uncertainty using imprecise probabilities
 International Journal of Approximate Reasoning
, 2007
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The Three P’s of Total Risk Management
 PUBLISHED IN FINANCIAL ANALYSTS JOURNAL, JANUARY/FEBRUARY 1999
, 1999
"... Current riskmanagement practices are based on probabilities of extreme dollar losses (e.g., measures like Value at Risk), but these measures capture only part of the story. Any complete riskmanagement system must address two other important factors: prices and preferences. Together with probabiliti ..."
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Cited by 24 (10 self)
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Current riskmanagement practices are based on probabilities of extreme dollar losses (e.g., measures like Value at Risk), but these measures capture only part of the story. Any complete riskmanagement system must address two other important factors: prices and preferences. Together with probabilities, these comprise the three P’s of Total Risk Management. This article describes how the three P’s interact to determine sensible risk profiles for corporations and for individuals, guidelines for how much risk to bear and how much to hedge. By synthesizing existing research in economics, psychology, and decision sciences, and through an ambitious research agenda to extend this synthesis into other disciplines, a complete and systematic approach to rational decision making in an uncertain world is within reach.
Ambiguity aversion, malevolent nature and the variational representation of preferences, Working paper, Università Bocconi
, 2005
"... In the classic Anscombe and Aumann decision setting, we give necessary and sufficient conditions that guarantee the existence of a utility function u on outcomes and an ambiguity index c on the set of all probabilities on the states of the world such that, for all acts f and g, f ≽ g ⇔ min ..."
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Cited by 17 (1 self)
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In the classic Anscombe and Aumann decision setting, we give necessary and sufficient conditions that guarantee the existence of a utility function u on outcomes and an ambiguity index c on the set of all probabilities on the states of the world such that, for all acts f and g, f ≽ g ⇔ min
Intensity Measures of Consumer Preference
 Operations Research
, 1980
"... To design successful new products and services, managers need to measure consumer preferences relative to product attributes. Many existing methods use ordinal measures. Intensity measures have the potential to provide more information per question, thus allowing more accurate models or fewer consum ..."
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Cited by 15 (3 self)
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To design successful new products and services, managers need to measure consumer preferences relative to product attributes. Many existing methods use ordinal measures. Intensity measures have the potential to provide more information per question, thus allowing more accurate models or fewer consumer questions (lower survey cost, less consumer wearout). To exploit this potential, researchers must be able to identify how consumers react to these questions and must be able to estimate intensitybased preference functions. This paper provides a general structure for using intensity measures for estimating consumer preference functions. Within the structure: (1) alternative measurement theories are reviewed, (2) axioms for developing testable implications of each theory are provided, (3) statistical tests to test these implications and distinguish which theory describes how consumers are using the intensity measures are developed, (4) functional forms appropriate for the preference functions implied by each theory are derived, and (5) procedures to estimate the parameters of these preference functions are provided. Based
Temptations in general settings
, 2009
"... I generalize Gul and Pesendorfer’s (2001) model of temptation to a multiperiod framework where preferences are defined over menus of menus rather than over menus of terminal consumptions. This extension can be applied to model preemptive temptations, selfdeception, and biased perceptions of subjec ..."
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Cited by 13 (5 self)
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I generalize Gul and Pesendorfer’s (2001) model of temptation to a multiperiod framework where preferences are defined over menus of menus rather than over menus of terminal consumptions. This extension can be applied to model preemptive temptations, selfdeception, and biased perceptions of subjective uncertainty. KEYWORDS: temptation, SetBetweenness, selfcontrol, subjective state space