We explore the intuitive idea that more information leads to greater dispersion of posterior beliefs about the expected state of the world. We consider three nested dispersion orders that are widely used in the literature, and derive the weakest information concept compatible with each order. Our results illustrate both the potential and the limitations of using dispersion orders as information...

A large literature on non-expected utility models has developed preference functionals which are non-linear in probabilities to explain attitudes toward risk. In this paper, we introduce a frame-dependent utility model which resolves many of the paradoxes that motivated non-expected utility models while retaining expected utility analysis for any given decision. In particular, we embed the von ...

We consider a model with an infinite numbers of states of nature, von Neumann Morgenstern utilities and where agents have different probability beliefs. We show that no-arbitrage conditions, defined for finite dimensional asset markets models, are not sufficient to ensure existence of equilibrium in presence of an infinite number of states of nature. However, if the individually rational utilit...

In this paper, we formulate a qualitative "lin­ ear" utility theory for lotteries in which un­ certainty is expressed qualitatively using a Spohnian disbelief function. We argue that a rational decision maker facing an uncertain decision problem in which the uncertainty is expressed qualitatively should behave so as to maximize "qualitative expected utility." Our axiomatization of the qualitati...

We consider the finite-time optimal basket liquidation problem for a von Neumann-Morgenstern investor with constant absolute risk aversion (CARA). As underlying continuous-time liquidity model, we use a multi-asset extension of the nonlinear price impact model of Almgren (2003). We show that the expected utility of sales revenues, taken over a large class of adapted strategies, is maximized by ...

Landund Forstwirtschaft haben sich zweifelsohne zu wichtigen Anwendungsdomänen für GeoInformations(GI-)-Technologie entwickelt. Die Beantwortung raumbezogener Fragestellungen in beiden Bereichen bedarf in der Regel einer Vielzahl von Geoinformationen. Ein schneller, einfacher, sicherer und koordinierter Zugriff auf die entsprechenden Informationen ist dabei für eine effiziente Nutzung der GI-Te...

Zusammenfassung. Im folgenden wird ein Verfahren zur Segmentierung von medizinischen Volumendaten vorgestellt. Ausgehend von einem Punkt innerhalb eines zu segmentierenden Objektes wird radial nach Kanten gesucht, welche das Objekt begrenzen. Durch eine Oberflächenfilterung werden Punkte die nicht auf eine Objektkante treffen (Ausreißer) eliminiert. Die so gefundenen Begrenzungspunkte werden an...

Two independent approaches have been used to analyze choices. A prominent notion is rationalizability: individuals choose maximizing binary relations. An alternative choices in terms of standards behavior with the von Neumann–Morgenstern (vNM)-stability. We introduce a new concept ( r - $r \mbox{-} $ stability) that turn extends stability and rationality. Our main result establishes every ratio...

In an information graph situation, a finite set of agents and source are the nodes undirected with property that two adjacent can share at no cost. The has some (or technology), in same component as reach this for free. other components, agent must pay unitary cost to obtain information. We prove core derived game is von Neumann-Morgenstern stable if only cycle-complete, or equivalently concave...