Supplier selection,   Multi-objective decision making,   Fuzzy Compromise programming,   Supply chain management,   Quantity discount .   Supplier selection is naturally a complex multi-objective problem including both quantitative and qualitative factors. This paper deals with this issue from a new view point. A quantity discount situation, which plays a role of motivator for buyer, is con...

In economic research, it is often important to express the marginal value of a variable in monetary terms. This marginal monetary value is the ratio of two partial derivatives of the conditional indirect utility function, which reduces to the ratio of two coefficients if the utility function is linear. Based on the overwhelming evidence of taste differences among people, random coefficient mode...

While the entire field of privacy preserving data analytics is focused on privacy-utility tradeoff, recent work has shown that publishing can introduce different levels utility across population groups. It important to understand this new tradeoff between and equity as technology being deployed in situations where products will be used for research policy making. Will marginal populations see d...

The concept of linear risk tolerance is transferred from the expected utility framework to the two-parameter, mean-variance approach. We show how the requirement of a hyperbolical Arrow-Pratt index translates from the EU-approach into a condition on the marginal rate of substitution between return and risk in the two-parameter approach. As a spin-off from this translation, we derive a specific ...

In the general framework of a semimartingale financial model and a utility function U defined on the positive real line, we compute the firstorder expansion of marginal utility-based prices with respect to a “small” number of random endowments. We show that this linear approximation has some important qualitative properties if and only if there is a risk-tolerance wealth process. In particular,...

We reformulate neoclassical consumer choice by focusing on λ, the marginal utility of money. As the opportunity cost of current expenditure, λ is approximated by the slope of the indirect utility function of the continuation. We argue that λ can largely supplant the role of an arbitrary budget constraint in partial equilibrium analysis. The result is a better grounded, more flexible and more in...

Similar to research on risky choice, the traditional analysis of intertemporal choice takes the view that an individual behaves so as to maximize the discounted sum of all future utilities. The well-known Allais paradox contradicts the fundamental postulates of maximizing the expected value or utility of a risky option. We describe a violation of the law of diminishing marginal utility as well ...

Individuals’ aversion to risk and inequality, and their concern for relative standing, are measured through experimental choices between hypothetical societies. It is found that, on average, individuals are both fairly inequality-averse and have a strong concern for relative income. The results are used to illustrate welfare consequences based on a utilitarian SWF and a modified CRRA utility fu...