We present a new financial decision making model by using the fuzzy generalized probabilistic weighted averaging (FGPWA) operator. The main advantage of this new approach is that it is able to deal with probabilities (objective information) and weighted averages (subjective information) in the same formulation. Moreover, it is also able to deal with an uncertain environment that can be assessed...

This paper finds an optimal mechanism for selling a good to a buyer who may be budget-constrained. We consider a seller with one unit of a good facing a buyer with a quasilinear utility function. If the buyer does not face a binding budget constraint, textbook monopoly pricing is optimal. By contrast, the possibility of a binding budget constraint can make it optimal for the seller to use nonli...

Most studies on the effect of incentives on risk attitude use within-subject designs. This may however raise an issue of sequentiality of effects as later choices may be influenced by earlier ones. This paper reports between-subject results on the effect of monetary stakes on risk attitudes for small probability prospects. Under low stakes, we find the typical risk seeking for small probabiliti...

In many situations in macroeconomics strategic complementarities arise, and agents face a coordination problem. An important issue, from both a theoretical and a policy perspective, is equilibrium uniqueness. We contribute to this literature by focusing on the macroeconomic aspect of the problem: the number of potential innovators, speculators e.t.c. is large. In particular, we follow Myerson (...

We study house allocation problems introduced by Shapley and Scarf (1974). We prove that a mechanism (a social choice function) is individually rational, anonymous, strategy-proof, and non-bossy (but not necessarily Pareto efficient) if and only if it is either the core mechanism or the no-trade mechanism, where the no-trade mechanism is the one that selects the initial allocation for each prof...

This paper studies auctions held before bidders are sure of the values they place on the object for sale, leaving potential gains to subsequent resale trade. While important insights from models of auctions without resale carry over, equilibrium bidding can be fundamentally altered by the endogeneity of valuations and the informational linkages between primary and secondary markets. As a result...

Voltage-dependent K+ channels consist of a voltage-sensing region and a pore-forming region. Here we have identified the negative residues of the second transmembrane segment in the plant voltage-dependent K+ channel, KAT1, which involves the function of voltage sensing. Point mutations at D95 and D105 but not D89 and D116 failed to complement the K+ uptake deficient properties of the mutant ye...

A player's influence relative to a mechanism and opponents' strategies is the maximum difference his action can make in the expected value of a collective outcome. A player is :-pivotal if his influence exceeds a threshold :. We provide tight bounds on the number of pivotal players and on average influence. These bounds are uniform over all mechanisms and action profiles and are achieved at mec...