The standard economic choice model assumes that the decision maker chooses from sets of alternatives. In contrast, we analyze a choice model in which the decision maker encounters the alternatives in the form of a list. We present two axioms similar in nature to the classical axioms of choice from sets. We show that they characterize all the choice functions from lists that involve the choice o...

This paper considers the role of corruption in impelling capital flight. Identifying corruption as one dimension of poor governance, the empirical analysis explores direct linkages between corruption and capital flight in a broad sample of countries. The novelty of this investigation is that it is based on a portfolio choice model of asset allocation that explicitly recognizes corruption as con...

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 ...

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Rational choice and hermeneutics seem at odds, but the tension can be fruitfully resolved. The conflict between them closely mirrors the earlier conflict between historicism and positivism. In interwar Vienna, an influential group of social scientists tried to combine the best elements of both approaches. Rational choice was united with Verstehen and the method of ideal types, as evidenced by t...

Extant models of entry and location choices by competing retailers focus on the benefits of differentiation, derived from locating far apart, and therefore cannot explain high degrees of store agglomeration. Unlike extant models that treat firm profits in reduced form, this paper decomposes firm profit as a function of customer choice (to allow for consumer utility from agglomeration) and compe...

This paper presents a pilot study of using contextdependent segmental duration for continuous speech recognition in a domain-speci c application. Di erent modelling strategies are proposed for function words and content words. Stress level, word position in utterance and phone position in word are identi ed to be the 3 most crucial factors a ecting segmental duration in this particular applicat...

The main goal of this paper is to show that if a finite connected CW complex admits a continuous, symmetric, and unanimous choice function for some number n41 of agents, then the choice space is contractible. On the other hand, if one removes the finiteness, we give a complete characterization of the possible spaces; in particular, noncontractible spaces are indeed possible. These results exten...

This paper develops a public choice model of the bargaining power of teachers' unions. The model predicts that the power of the unions rises with the number of eligible voters in a district. As a bargaining outcome reflecting this power, we use the experience premium for teachers. The premium is defined as the difference in salary between experienced and inexperienced teachers. For a sample of ...

The classical theory of rational choice is built on several important internal consistency conditions. In recent years, the reasonableness of those internal consistency conditions has been questioned and criticized, and several responses to accommodate such criticisms have been proposed in the literature. This paper develops a general framework to accommodate the issues raised by the criticisms...