212 research outputs found
Inverse stochastic orders and generalized Gini functionals
No full textWe investigate the class of stochastic orders induced by Generalized Gini Functionals (GGF) or Yaari (1987) [The dual theory of choice under risk. Econometrica, 55, 95-115] dual functionals and identify the maximal classes of functionals associated with these orders. Our results are inspired by Marshall (1991) [Multivariate stochastic orders and generating cones of functions. In Stochastic Orders and Decisions under Risk, (Mosler, K. and Scarsini, M. eds.) IMS Lecture Notes Monograph Series vol. 19, 231-247] and are dual to those obtained for additive representations in Müller (1997) [Stochastic orders generated by integrals: a unified study. Advances in Applied Probability, 29, 414-428] and in Castagnoli and Maccheroni (1998) [Generalized stochastic dominance and unanimous preferences. In Generalized Convexity and Optimization for Economic and Financial Decisions, Giorgi, G. and Rossi, F. (eds.), 111-120. Bologna: Pitagora]. The closure of the convex hull generated by a given set of probability distortion functions (F) [or by a set of rank-dependent weighting functions (V)] identifies the maximal class of functionals associated with the stochastic orders that are consistent with F [or V]. Rank-dependent weighting functions obtained as convex combinations of indicator functions identify GGFs that can be considered the "basis" of relevant stochastic orders in decision theory and inequality measurement. As hinted by Wang and Young (1998) [Ordering risks: Expected utility theory versus Yaari's dual theory of risk. Insurance: Mathematics and Economics, 22, 145-161] and Zoli (1999, 2002) [Intersecting generalized Lorenz curves and the Gini index. Social Choice and Welfare, 16, 183-196. Inverse stochastic dominance, inequality measurement and Gini indices.Journal of Economics, Supplement # 9, P. Moyes, C. Seidl and A.F. Shorrocks (Eds.), Inequalities: Theory, Measurement and Applications, 119-161] the stochastic orders obtained are related to the class of inverse stochastic dominance (ISD) conditions introduced in Muliere and Scarsini (1989) [A note on stochastic dominance and inequality measures. Journal of Economic Theory, 49, 314-323]. Making use of our results we review some stochastic dominance conditions that can be applied in decision theory, inequality, welfare and poverty measurement. These conditions are associated with orders implied by first order ISD and implying second order ISD, as well as with orders implied by the latte
Mutamenti nei comportamenti familiari e scelte assicurative
No full textStudio delle relazioni tra mutamenti demografici e comportamento assicurativ
Dynamic variational preferences
No full textWe introduce and axiomatize dynamic variational preferences, the dynamic version of the variational preferences we axiomatized in [F. Maccheroni, M. Marinacci, A. Rustichini, Ambiguity aversion, robustness, and the variational representation of preferences, Mimeo, 2004], which generalize the multiple priors preferences of Gilboa and Schmeidler [Maxmin expected utility with a non-unique prior, J. Math. Econ. 18 (1989) 141–153], and include the Multiplier Preferences inspired by robust control and first used in macroeconomics by Hansen and Sargent (see [L.P. Hansen, T.J. Sargent, Robust control and model uncertainty, Amer. Econ. Rev. 91 (2001) 60–66]), as well as the classic Mean Variance Preferences of Markovitz and Tobin. We provide a condition that makes dynamic variational preferences time consistent, and their representation recursive. This gives them the analytical tractability needed in macroeconomic and financial applications. A corollary of our results is that Multiplier Preferences are time consistent, but MeanVariance Preferences are not
Fair division without additivity
No full textWe prove a general cake cutting result for strongly subadditive set functions
A characterization of the vector lattice of measurable functions
No full textGiven a probability measure space (X, Σ , μ) , it is well known that the Riesz space L(μ) of equivalence classes of measurable functions f: X→ R is universally complete and the constant function 1 is a weak order unit. Moreover, the linear functional L∞(μ) → R defined by f↦∫fdμ is strictly positive and order continuous. Here we show, in particular, that the converse holds true, i.e., any universally complete Riesz space E with a weak order unit e> 0 which admits a strictly positive order continuous linear functional on the principal ideal generated by e is lattice isomorphic onto L(μ) , for some probability measure space (X, Σ , μ)
Characterizations of Ideal Cluster Points
No full textGiven an ideal J on ω, we prove that a sequence in a topological space X is J -convergent if and only if there exists a "big" J -convergent subsequence. Then we study several properties and show two characterizations of the set of J -cluster points as classical cluster points of a filter on X and as the smallest closed set containing "almost all" the sequence. As a consequence, we obtain that the underlying topology τ coincides with the topology generated by the pair ( τ, J)
David Schmeidler's contributions to decision theory
No full textIn this obituary, the contributions to decision theory of David Schmeidler are summarized as a tribute to the friend and the scholar
Lighting and visual experience of artworks: Results of a study campaign at the National Museum of San Matteo in Pisa, Italy
No full textLight is one of the main factors affecting the visual experience of artworks in museums and can determine the success or failure of an art exhibition. The lighting design is not yet extensively recognized as a crucial element of museum exhibitions, but recent research studies show how different lighting arrangements can create different impressions of the artworks and affect the visual experience of museum visitors. This project involved a psychophysical study of two ancient artworks, a painted panel (14th Century) and a marble sculpture (15th Century), exhibited at the National Museum of San Matteo in Pisa, Italy. Each experiment was set up with different lighting arrangements and different luminaires, with the aim of creating different lighting contrast ratios between the analysed artwork and its background. Those lighting arrangements were presented to different groups of observers in order to investigate the trends of personal preference. The results of the surveys pointed out that, on average, the observers preferred lighting arrangements that provide a certain level of contrast, while configurations with high contrast or almost no contrast were evaluated as less pleasant, less interesting and less suitable to enhance the artworks
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