Explore John R. Hicks' impact on economics, including his Nobel-winning work in general equilibrium and welfare theory, and ...

Discover the Diamond-Water Paradox—why diamonds cost more than water. Learn about subjective value and marginal utility in economic valuation.

This is a preview. Log in through your library . Abstract We extend the analysis of risk aversion with state-dependent preferences to the rank-dependent expected utility theory. We find that in this ...

This paper begins by observing that any reflexive binary (preference) relation (over risky prospects) that satisfies the independence axiom admits a form of expected utility representation. We refer ...

Decision theory is a cornerstone of economic analysis, providing a framework for understanding how individuals and institutions make choices under conditions of uncertainty and risk. At its core, the ...