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 own… Expand

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

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 an… Expand

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 favor… Expand

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 to… Expand

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 into… Expand

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

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 that… Expand