We explore the interaction between evolutionary stability and lexicographic preferences. To do so, we define a limit Nash equilibrium for a lexicographic game as the limit of Nash equilibria of nearby games with continuous preferences. Nash equilibria of lexicographic games are limit Nash equilibria, but not conversely. Modified evolutionarily stable strategies (Binmore and Samuelson, 1992. J. ...

This paper studies equilibrium portfolios in the traditional neoclassical growth model under uncertainty with heterogeneous agents and dynamically complete markets. Preferences are restricted to be quasi-homothetic. Heterogeneity across agents is due to two reasons. First, agents may have di¤erent shares of the representative ...rm at date 0. Secondly, agents may also have di¤erent preferences ...

An auction is externality-robust if unilateral deviations from equilibrium leave the other bidders’ payoffs unaffected. The equilibrium and its outcome will then persist if certain types of externalities arise between bidders. One example are externalities due to spiteful preferences, which have been used to explain overbidding in the second-price auction (SPA). Another example are cross-shareh...

There is a surprising disconnect between formal rational choice theory and philosophical work on reasons. The one is silent on the role of reasons in rational choices, the other rarely engages with the formal models of decision problems used by social scientists. To bridge this gap, we propose a new, reason-based theory of rational choice. At its core is an account of preference formation, acco...

To clarify whether a difference exists in the redistribution preferences of Japan and China and to provide insights into the possible causes of this difference, this study conducts an experiment similar to a dictator game but in which both donors and recipients have the chance to redistribute the initial incomes. In the experiment, an initial income gap is caused by one of two kinds of tasks th...

Ambiguity preferences are important to explain human decision-making in many areas in economics and finance. To measure individual ambiguity preferences, the experimental economics literature advocates using incentivized laboratory experiments. Yet, laboratory experiments are costly and require a lot of time and administrative effort. This study develops an ambiguity preference survey module th...

An expert, trying to assess the true distribution over the states of nature, is associated with a preference relation over utility bundles. He prefers f to g if he believes that, according to the true distribution, the expected utility of f is greater than that of g. Expert I is said to be more knowledgeable than expert II (Lefort [7]) if, between the two experts, it is always beneficial to fol...

Traditional lane-changing (LC) behavioral researches usually focus on the driver’s cognitive performance which includes the driver’s psychological and behavioral habit characteristics, rarely involving the affection of expert driver’s comprehensive behavioral preferences, such as: safety and comfort performance in LC process. Towards the free LC process, a novel LC safety and comfort degree ind...

Abstract Decision-makers’ subjective preferences can be well modeled using preference aggregation operators and related induced weights allocation mechanisms. However, when several different types of occur in some decision environment with more complex uncertainties, repeated uses sometimes become unsuitable or less reasonable. In this work, we discuss a common where invited experts will offer ...