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This paper reviews topics in price theory such as rational choice, Walrasian equilibria, complete and incomplete markets, externalities and nonmarket goods, strategic pricing with complete and incomplete information, and some behavioral anomalies. Contains ...
Several mechanisms have been proposed for incentivizing truthful reports of a private signals owned by rational agents, among them the peer prediction method and the Bayesian truth serum. The robust Bayesian truth serum (RBTS) for small populations and bin ...
Rational economics and finance surmise that choices decree from a conscious arbitration between alternatives based on decision-theoretically computed values. Implicit in the computation of these option values are the perception and integration of different ...
This article describes how prices are treated in economic theory. Section 17.2 begins by introducing the concepts of ‘rational preference’ and ‘utility function’, which are standard building blocks of models that attempt to explain choice behaviour. Sectio ...
Recent smartphones incorporate embedded GPS devices that enable users to obtain geographic information about their surroundings by providing a location-based service (LBS) with their current coordinates. However, LBS providers collect a significant amount ...
Is the human brain wired for wealth? The setting is the high-velocity financial environment. Undoubtedly, the development of sophisticated derivative instruments has improved the allocation of risk across economies, highlighting the nexus between banking a ...
Supply chains (SC) are complex systems in which human beings play a key role. Whereas human impact is often taken into account in simulation models in terms of physical flows (material handling, fabrication), it is far less the case in terms of information ...
Todays complex online applications often require the interaction of multiple services that potentially belong to different business entities. Interoperability is a core element of such an environment, yet not a straightforward one. In this paper, we argue ...
Computational reputation-based trust models using statistical learning have been intensively studied for distributed systems where peers behave maliciously. However practical applications of such models in environments with both malicious and rational beha ...
We study monotone convex functions psi : L-0 (Omega, F, P) -> (-infinity, infinity] and derive a dual representation as well as conditions that ensure the existence of a sigma-additive subgradient. The results are motivated by applications in economic agen ...
