• Publications
  • Influence
When Managers Cover Their Posteriors: Making the Decisions the Market Wants to See
The stock market has opinions as to what choices firms should make. We show that concern for current share prices may lead managers to make these choices rather than those suggested by their ownExpand
  • 193
  • 19
Mean-dispersion preferences and constant absolute uncertainty aversion
TLDR
We axiomatize, in an Anscombe-Aumann framework, the class of preferences that admit a representation of the form V(f) = mu - rho(d), where mu is the mean utility of the act f with respect to a given probability, d is the vector of state-by-state utility deviations from the mean, and rho is a measure of (aversion to) dispersion that corresponds to an uncertainty premium. Expand
  • 52
  • 12
  • PDF
Intrinsic Preference for Information
Suppose, following Kreps & Porteus (1978), that an agent values information not only to make contingent plans but also for itself; that is, intrinsically. What, then, is the relationship between anExpand
  • 130
  • 11
  • PDF
The Emergence and Persistence of the Anglo-Saxon and German Financial Systems
We use a moral hazard model to compare monitored (nontraded) bank loans and traded (nonmonitored) bonds as sources of external funds for industry. We contrast the theoretical conditions that favorExpand
  • 48
  • 6
Temporal Resolution of Uncertainty and Recursive Non‐expected Utility Models
If an agent (wealkly) prefers early resolution of uncertainty then the recursive forms of both the most commonly used non-expected utility models, betweenness and rank dependence, almost reduce toExpand
  • 52
  • 5
  • PDF
Introduction to judgment aggregation
This introduces the symposium on judgment aggregation. The theory of judgment aggregation asks how several individuals' judgments on some logically connected propositions can be aggregated intoExpand
  • 61
  • 4
  • PDF
A two-parameter model of dispersion aversion
TLDR
We develop a model of uncertainty averse preferences that is based on a mean and a measure of the dispersion of the state-wise utility of an act. Expand
  • 20
  • 4
  • PDF
Generalized Utilitarianism and Harsanyi's Impartial Observer Theorem
We provide an axiomatization of generalized utilitarian social welfare functions in the context of Harsanyi's impartial observer theorem. To do this, we reformulate Harsanyi's problem such thatExpand
  • 55
  • 3
  • PDF
Second-Order Expected Utility
We present two axiomatizations of the Second-Order Expected Utility model in the context of the standard models of choice under uncertainty.
  • 26
  • 2
  • PDF
...
1
2
3
4
5
...