7 papers
Cautious and fair social evaluation under risk
Kaname Miyagishima, Kensei Nakamura
In this paper, we study criteria for social evaluation of resource distributions under risk when individuals have expected utility preferences but their utility functions are inter…
Partially rational preferences under ambiguity
Kensei Nakamura, Shohei Yanagita
Completeness and transitivity are standard rationality conditions in economics. However, under ambiguity, decision makers sometimes violate these requirements because of the diffic…
Randomization and ambiguity perception
Yutaro Akita, Kensei Nakamura
Ambiguity-averse decision makers typically dislike not only the presence of ambiguous events but also their increase, contrary to what standard ambiguity models predict. We axiomat…
When is it (im)possible to respect all individuals' preferences under uncertainty?
Kensei Nakamura
When aggregating Subjective Expected Utility preferences, the Pareto principle leads to an impossibility result unless the individuals have a common belief. This paper examines the…
Preferences with Multiple Forecasts
Kensei Nakamura, Shohei Yanagita
When a collective decision maker presents a menu of uncertain prospects to her group members, each member's choice depends on their predictions about payoff-relevant states. In rea…
The Cesàro average criterion on infinite utility streams and its extensions
Kensei Nakamura
When evaluating policies that affect future generations, the most commonly used criterion is the discounted utilitarian rule. However, in terms of intergenerational fairness, it is…
Cautious Dual-Self Expected Utility and Weak Uncertainty Aversion
Kensei Nakamura, Shohei Yanagita
Gilboa and Schmeidler's (1989) uncertainty aversion plays a central role in decision theory and economics, yet many inconsistent behaviors have been observed in experiments. Motiva…