Advances in Public Economics: Utility, Choice and Welfare: A by Ulrich U. Schmidt, Stefan Traub

By Ulrich U. Schmidt, Stefan Traub

This Festschrift in honor ofChristian Seidl combines a bunch of well-known authors who're specialists in parts like public economics, welfare monetary, selection idea, and experimental economics in a special quantity. Christian Seidl who has edited including Salvador Barber` a ` and Peter Hammond the instruction manual of application concept (appearing at Kluwer educational Publishers/Springer Economics), has devoted such a lot of his study to application and choice idea, social selection idea, welfare economics, and public economics. over the last decade, he has grew to become a part of his awareness to a examine software that's more and more gaining in significance in economics: the laboratory test. This quantity is an try and light up all aspects of Christian Seidl’s bold learn schedule through providing a suite of either theoretical and expe- psychological papers on Utility,Choice,andWelfare written through his closest buddies, former scholars, and masses valued colleagues. Christian Seidl was once born on August five, 1940, in Vienna, Austria. starting iciness time period 1962/63, he studied Economics and company management on the Vienna tuition of Economics (then “Hochschule fff¨ ur ¨ Welthandel”). 1966 he was once provided an MBA via the Vienna tuition of Economics and 1969 a doctoral measure in Economics. In October 1968 Christian grew to become a examine assistant on the Institute of Economics on the collage of Vienna. 1973 he obtained his habilitation (right to educate) in Economics ― supervised through Wilhelm Weber ― from the dept of legislation and Economics of the college of Vienna. He was once presented the Dr.

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Let RN = Ri i∈N denote such a preference profile, and RN (X) the set of all possible preference profiles. Let D ⊂ RN (X) denote a domain of permissible preference profiles. A social choice → C(F, RN ) ⊂ F correspondence (or SCC) can be represented as a mapping (F, R N ) → from pairs in F(X) × D consisting of feasible sets and preference profiles to social choice sets. In the usual special case when C(F, R N ) consists of those elements in F which maximize some social ordering R that depends on R N , this SCC can be represented by an Arrow social welfare function (or ASWF) f : D → R(X) which maps each permissible profile RN ∈ D to a social ordering f (RN ) on X.

The same condition is also necessary and sufficient for a two-person game to be cardinally equivalent to a zero-sum game. 3. Cardinal Team Games The game G = N, S N , v N is said to be an cardinal team game if there exists a single utility function v ∗ on S N which is cardinally equivalent to each player’s utility function vi . Thus, all the players must have cardinally equivalent utility functions, and so identical preferences over the space of lotteries ∆(S N ). 2. 1. Belief Contingent Preferences Suppose player i attaches a probability πi (s−i ) to each profile s−i ∈ S−i of other players’ strategies.

They also argue that such games are equivalent to constant sum games in which i∈N ui (sN ) ≡ C for a suitable constant C ∈ R. 2. Team Games Following Marschak and Radner (1972), the game G = N, S N , uN is said to be a team game if there exists a single utility function u∗ : S N → R with the property that ui ≡ u∗ for all i ∈ N . 4. BEYOND NUMERICAL UTILITY All of the definitions in this section are clear and familiar when players have numerical utilities. One of our tasks in later sections will be to investigate extensions of these concepts which apply to different kinds of ordinal or cardinal utility.

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