bounded rationality 1consumer theory 1money pump 1optimal transport 1revealed preference 1utility recovery 1
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econ.GN2026
Ever since Ellsberg
Aluma Dembo, Shachar Kariv, Matthew Polisson +1
Ellsberg's famous paradox challenged Savage's subjective expected utility theory (EUT) -- which reduces uncertainty to risk -- by suggesting an aversion toward ambiguity. We provid…
econ.GN2024
Rationalizability, Cost-Rationalizability, and Afriat's Efficiency Index
Matthew Polisson, John K. -H. Quah
This note explains the equivalence between approximate rationalizability and approximate cost-rationalizability within the context of consumer demand. In connection with these resu…