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Free competition and the optimal amount of fraud

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MR Darby, E Karni - Journal of law and economics, 1973 - JSTOR
THIS paper explores the reasons for and determinants of the provision by a firm of false
information to a consumer so as to induce purchases which would not be made if the
consumer possessed full information about the qualities of his purchase. Market ...
Cited by 2733 - Related articles - All 8 versions

Risk aversion in the theory of expected utility with rank dependent probabilities

CS Hong, E Karni… - Journal of Economic theory, 1987 - Elsevier
Abstract Expected utility with rank dependent probability theory is a model of decision-
making under risk where the preference relations on the set of probability distributions is
represented by the mathematical expectation of a utility function with respect to a ...
Cited by 321 - Related articles - Get it from MIT Libraries - Library Search - All 6 versions

" Preference reversal" and the observability of preferences by experimental methods

E Karni… - Econometrica: Journal of the Econometric Society, 1987 - JSTOR
This paper addresses two related issues:(a) the" preference reversal" phenomenon and
transitivity of preferences and (b) the observability of preference relations by experimental
methods. In the first part, we adopt the framework of the theory of expected utility with rank- ...
Cited by 224 - Related articles - Get it from MIT Libraries - All 6 versions

Utility theory with uncertainty

E Karni… - Handbook of mathematical economics, 1991 - Elsevier
* We benefited from comments of participants in BoWo'89. We also benefited from comments
on an earlier draft by Larry Epstein, Itzhak Gilboa, Karl Vind and Peter Wakker. Support from
Deutsche Forschungsgemeinschaft, Gottfried-Wilhelm-Leibniz-Förderpreis is gratefully ...
Cited by 150 - Related articles - All 5 versions

[CITATION] Decision making under uncertainty: the case of state-dependent preferences

E Karni - 1985 - lavoisier.fr
Decision Making Under Uncertainty: Case of State-dependent Preferences KARNI E.
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On state dependent preferences and subjective probabilities

E Karni, D Schmeidler… - Econometrica: Journal of the Econometric …, 1983 - JSTOR
This paper presents an expected utility theory for state-dependent preferences. It proposes
axioms that permit the joint derivation of subjective probabilities and utilities when the
decision maker's preferences are not independent of the prevailing state of nature. In ...
Cited by 99 - Related articles - Get it from MIT Libraries - Library Search - All 6 versions

Fixed preferences and changing tastes

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E Karni… - The American Economic Review, 1990 - JSTOR
The phenomenon colloquially referred to as" fashion" manifests itself to some extent in the
consumption of many goods and services, as well as in other aspects of human activity.
Thus, we talk about fashionable attire, neighborhoods, furniture, contemporary painters, ...
Cited by 90 - Related articles - All 8 versions

Endogenous adverse selection and unemployment insurance

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WH Chiu… - Journal of Political Economy, 1998 - JSTOR
In this paper we consider how the presence of private information may explain the failure of
the private sector to provide unemployment insurance. In particular, we show how the
interaction of private information regarding employees' preferences for work with the ...
Cited by 79 - Related articles - BL Direct - All 8 versions

Individual sense of justice: a utility representation

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E Karni… - Econometrica, 2002 - Wiley Online Library
We present an axiomatic model depicting the choice behavior of a self-interest seeking
moral individual over random allocation procedures. Individual preferences are
decomposed into a self-interest component and a component representing the individual's ...
Cited by 76 - Related articles - BL Direct - All 12 versions

Risk aversion for state-dependent utility functions: Measurement and applications

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E Karni - International Economic Review, 1983 - JSTOR
Recent advances in the theory of risk aversion have been largely confined to the realm of
state-independent utility functions. 2 This theory has proved to be a powerful tool for the
analysis of portfolio-selection and a large class of risksharing problems. No parallel ...
Cited by 73 - Related articles - Library Search - All 6 versions

On multivariate risk aversion

E Karni - Econometrica: Journal of the Econometric Society, 1979 - JSTOR
This paper develops a matrix-measure of multivariate risk aversion which is related to a
notion of risk premium and states the restrictions that must be imposed upon the matrix-
measures of two utility functions in order that one require a higher risk premium than ...
Cited by 69 - Related articles - Get it from MIT Libraries - All 5 versions

On optimal wage indexation

E Karni - The Journal of Political Economy, 1983 - JSTOR
The observed practice of contracting for labor services in advance introduces stickiness or
friction into the economic system. In the presence of monetary and real stochastic
disturbances the stability of the levels of employment and output hinges on the nature of ...
Cited by 66 - Related articles - Get it from MIT Libraries - All 6 versions

Social attributes and strategic equilibrium: A restaurant pricing game

E Karni… - Journal of Political Economy, 1994 - JSTOR
Using a game-theoretic approach, we examine possible equilibrium explanations of the
often-observed phenomenon that two neighboring restaurants offering similar menus
nevertheless experience vastly different demands. The essential aspect of this analysis is ...
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[CITATION] Search theory: The case of search with uncertain recall

E Karni… - Journal of Economic Theory, 1977 - ideas.repec.org
If you experience problems downloading a file, check if you have the proper application to
view it first. Information about this may be contained in the File-Format links below. In case of
further problems read the IDEAS help page. Note that these files are not on the IDEAS site ...
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A definition of subjective probabilities with state-dependent preferences

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E Karni - Econometrica, 1993 - JSTOR
IN A LE7rrER TO SAVAGE dated January, 1971, Aumann raises a conceptual difficulty with
the notion of subjective probabilities as defined in Savage's Foundations of Statistics (1954).
2 In his letter, Aumann describes a man who loves his wife very much, and whose life ...
Cited by 56 - Related articles - BL Direct - All 13 versions

Optimal unemployment insurance: A survey

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E Karni - Southern Economic Journal, 1999 - JSTOR
Unemployment insurance improves the allocation of risk bearing at the cost of reduced
incentives for work. In the past two decades, a branch of the literature has emerged that
deals with the optimal design of unemployment insurance. This literature has been ...
Cited by 55 - Related articles - Get it from MIT Libraries - Library Search - BL Direct - All 11 versions

The transactions demand for cash: incorporation of the value of time into the inventory approach

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E Karni - The Journal of Political Economy, 1973 - JSTOR
I) uring the 1950s, William Baumol (19; 52) and James Tobin (1956) independently
formulated the inventory approach to the transactions denland for cash.'One striking
theoretical result of this approach is the square-root formula which implies that the ...
Cited by 56 - Related articles - All 5 versions

Atemporal dynamic consistency and expected utility theory

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E Karni… - Journal of Economic Theory, 1991 - Elsevier
Abstract In this paper we represent atemporal sequential decisions as compound lotteries.
We show that a preference relation defined on the set of conditional lotteries (ie, sublotteries
conditioned on the lotteries to which they belong) that satisfies consequentialism and the ...
Cited by 56 - Related articles - All 9 versions

Choquet expected utility with a finite state space: Commutativity and act-independence

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HC Soo… - Journal of Economic Theory, 1994 - Elsevier
Abstract In this paper we establish the equivalence of act-independence and commutativity
and the equivalence of comonotonic act-independence and comonotonic commutativity
under mild conditions. As a result, using a theorem of Nakamura, we obtain an ...
Cited by 52 - Related articles - BL Direct - All 7 versions

Dynamic consistency, revelations in auctions and the structure of preferences

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E Karni… - The Review of Economic Studies, 1989 - restud.oxfordjournals.org
Abstract Analyzing the optimal bidding behaviour in ascending-bid auctions and second-
price sealed-bid auctions with independent private values, we show that expected utility
maximizing behaviour is equivalent to:(a) dynamically consistent bidding in ascending-bid ...
Cited by 47 - Related articles - All 6 versions

Ascending bid auctions with behaviorally consistent bidders

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E Karni… - Annals of Operations Research, 1989 - Springer
Abstract Decision makers whose preferences do not satisfy the independence axiom of
expected utility theory, when faced with sequential decisions will act in a dynamically
inconsistent manner. In order to avoid this inconsistency and maintain nonexpected utility, ...
Cited by 46 - Related articles - Library Search - All 7 versions

Individual and group decision making under risk: An experimental study of Bayesian updating and violations of first-order stochastic dominance

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G Charness, E Karni… - Journal of Risk and Uncertainty, 2007 - Springer
Abstract This paper reports the results of experiments designed to test whether individuals
and groups abide by monotonicity with respect to first-order stochastic dominance and
Bayesian updating when making decisions under risk. The results indicate a significant ...
Cited by 49 - Related articles - BL Direct - All 27 versions

Subjective expected utility theory without states of the world

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E Karni - Journal of Mathematical Economics, 2006 - Elsevier
This paper develops an axiomatic theory of decision-making under uncertainty that
dispenses with the state-space. The results are subjective expected utility models with
unique, action-dependent, subjective probabilities, and a utility function defined over ...
Cited by 42 - Related articles - Get it from MIT Libraries - All 39 versions

Probabilities and beliefs

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E Karni - Journal of Risk and Uncertainty, 1996 - Springer
Choice-theoretic definitions of subjective probabilities originated with the work of Ramsey
and de Finetti and attained their definitive form in the work of Savage. These probabilities
are intended to provide a numerical representation of a decision maker's beliefs regarding ...
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On the determination of subjective probability by choices

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E Karni… - Management Science, 2000 - JSTOR
The paper explores the uniqueness properties of the subjective probabilities in two
axiomatizations of state-dependent preferences. Karni, Schmeidler, and Vind's (KSV 1983)
system depends on selecting an arbitrary auxiliary probability, and as such, does not ...
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Individual sense of fairness: an experimental study

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E Karni, T Salmon… - Experimental Economics, 2008 - Springer
Abstract Many prior studies have identified that subjects in experiments demonstrate
preferences for fair allocations. We present an experimental study designed to test whether
a similar concern for fairness manifests itself when the decision maker is choosing among ...
Cited by 39 - Related articles - BL Direct - All 17 versions

The value of time and the demand for money

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E Karni - Journal of Money, Credit and Banking, 1974 - JSTOR
Section 1 sets up the theoretical framework to be used in subsequent empirical analysis,
presenting an inventory-type model of the demand for money in which the costs of the
conversion of assets into cash are defined to include a time (foregone earnings) ...
Cited by 35 - Related articles - Library Search - All 7 versions

Self-preservation as a foundation of rational behavior under risk

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E Karni… - Journal of economic behavior & organization, 1986 - Elsevier
Abstract This paper derives an expected utility theorem from the principle of self-
preservation thus providing a new interpretation of the notion of rationality underlying the
von Neumann-Morgenstern theory. Self-preservation is defined as the maximization of the ...
Cited by 37 - Related articles - Library Search - All 8 versions

Behaviorally consistent optimal stopping rules

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E Karni… - Journal of Economic Theory, 1990 - Elsevier
Abstract This paper characterizes optimal stopping rules in a bounded sequential search
model without recall for searchers whose preferences are nonlinear in the probabilities. The
optimal search strategy may be dynamically inconsistent. However, if the searcher is ...
Cited by 33 - Related articles - All 10 versions

Rank-dependent probabilities

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E Karni… - The Economic Journal, 1990 - JSTOR
Expected utility with rank-dependent probabilities,(henceforth EURDP), is a theory of
decision making under risk in which individuals' preferences over risky prospects are
represented by the mathematical expectation of a utility function with respect to a ...
Cited by 32 - Related articles - Library Search - All 8 versions

A mechanism for eliciting probabilities

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E Karni - Econometrica, 2009 - Wiley Online Library
This paper describes a direct revelation mechanism for eliciting agents' subjective
probabilities. The game induced by the mechanism has a dominant strategy equilibrium in
which the players reveal their subjective probabilities.
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Impartiality: definition and representation

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E Karni - Econometrica, 1998 - JSTOR
IMPARTIALITY IS THE MORAL IMPERATIVE requiring that conflicting claims be evaluated
without prejudice. In this paper I propose an axiomatic definition of impartiality and examine
its implications for the theory of social welfare functions. Following the seminal work of ...
Cited by 26 - Related articles - BL Direct - All 8 versions

Aggregate and distributional effects of fair social security

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E Karni… - Journal of Public Economics, 1989 - Elsevier
Abstract In an overlapping generations economy with production, endogenous labor supply,
a bequest motive, and uncertain lifetime, we show that a fair, fully-funded social security
program reduces the aggregate levels of output, employment, capital, and savings. We ...
Cited by 26 - Related articles - All 5 versions

Collective rationality, unanimity and liberal ethics

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E Karni - The Review of Economic Studies, 1978 - JSTOR
1. INTRODUCTION The apparent inconsistency of the condition of unrestricted domain, the
Pareto principle, the principle of liberalism and the existence of a social choice function
(SCF), that was pointed out by Sen (1970a), is indeed a disturbing feature of the social ...
Cited by 25 - Related articles - All 6 versions

Foundations of Bayesian theory

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E Karni - Journal of Economic Theory, 2007 - Elsevier
This paper states necessary and sufficient conditions for the existence, uniqueness, and
updating according to Bayes' rule, of subjective probabilities representing individuals'
beliefs. The approach is preference based, and the result is an axiomatic subjective ...
Cited by 25 - Related articles - All 23 versions

Generalized expected utility analysis of multivariate risk aversion

E Karni - International Economic Review, 1989 - JSTOR
This paper extends Machina's generalized expected utility analysis to preferences over
multivariate distributions. Within the extended framework the relation" more risk averse than"
is defined, characterized, and applied to the analysis of consumption-saving decisions ...
Cited by 22 - Related articles - Get it from MIT Libraries - All 6 versions

Risk Aversion in the Theory of Life Insurance: The Fisherian Model

E Karni… - Journal of Risk and Insurance, 1986 - JSTOR
The authors study the role of life insurance in a Fisherian model (ie without a bequest
motive) where its main role is to improve the opportunities for borrowing and hence expand
the feasible consumption set. They define a measure of risk aversion and study the ...
Cited by 21 - Related articles - Get it from MIT Libraries - Library Search - All 2 versions

Vickrey auctions in the theory of expected utility with rank-dependent probabilities

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E Karni… - Economics Letters, 1986 - Elsevier
Abstract When decision makers maximize expected utility with rank-dependent probabilities
and the object being auctioned is a risky prospect then, with independent private value,
Vickrey auctions lose their demand revealing property. Moreover, they might be non- ...
Cited by 21 - Related articles - All 5 versions

On the conjunction fallacy in probability judgment: New experimental evidence regarding Linda

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G Charness, E Karni… - Games and Economic Behavior, 2010 - Elsevier
This paper reports the results of a series of experiments designed to test whether and to
what extent individuals succumb to the conjunction fallacy. Using an experimental design of
Tversky and Kahneman (1983), it finds that given mild incentives, the proportion of ...
Cited by 21 - Related articles - All 17 versions

Uncertain lifetime, risk aversion and life insurance

E Karni… - Scandinavian Actuarial Journal, 1985 - Taylor & Francis
Abstract This paper develops the requisite conditions for interpersonal comparisons of
attitudes toward risk in the presence of uncertain lifetime. For comparable individuals
measures of absolute risk aversion are presented. Using the notion of actuarial notes the ...
Cited by 20 - Related articles - Get it from MIT Libraries

Subjective expected utility theory with state-dependent preferences

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K Edi - Journal of Economic Theory, 1993 - Elsevier
Abstract This paper extends Savage′ s subjective expected utility theory to include state-
dependent preferences. The dependence of the decision maker′ s preferences over
consequences on the states of nature is represented by state-specific mappings of the set ...
Cited by 20 - Related articles - BL Direct - All 6 versions

Elicitation of Subjective Probabilities when Preferences are State‐Dependent

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E Karni - International Economic Review, 1999 - Wiley Online Library
2. Abstract This paper presents an experimental design that enables the elicitation of
subjective probabilities of decision makers' whose preferences satisfy the axioms of
expected utility theory and are state-dependent.
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[CITATION] Independence of nonfeasible alternatives, and independence of nonoptimal alternatives

E Karni… - Journal of Economic Theory, 1976 - ideas.repec.org
If you experience problems downloading a file, check if you have the proper application to
view it first. Information about this may be contained in the File-Format links below. In case of
further problems read the IDEAS help page. Note that these files are not on the IDEAS site ...
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[CITATION] An expected utility theory for state-dependent preferences

E Karni, D Schmeidler… - 1980 - … , Faculty of Social Sciences, Tel Aviv …
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Non-expected utility and the robustness of the classical insurance paradigm: Discussion

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E Karni - The GENEVA Papers on Risk and Insurance-Theory, 1995 - Springer
This paper discusses some aspects of the robustness of the classical insurance paradigm
with respect to departures from the independence axiom of expected utility theory. The
discussion focuses on the significance of the distinction between risk aversion and ...
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The impossibility of experimental elicitation of subjective probabilities

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E Karni… - Theory and Decision, 1995 - Springer
Choice-theoretic definitions of subjective probabilities are provided by Savage (1954) and by
Anscombe and Aumann (1963). In each case the respective definition is deduced from the structure
of preference relations on acts and, at least in principle, should be subject to elicitation ...
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Generalized expected utility analysis of risk aversion with state-dependent preferences

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E Karni - International Economic Review, 1987 - JSTOR
At the core of expected utility theory is the independence axiom, which implies that the
functional representing the decision-maker's preferences over lotteries (ie, objective
probability distributions) is linear in the probabilities. This assumption, however, is ...
Cited by 16 - Related articles - Library Search - All 6 versions

An informationally parsimonious impartial observer theorem

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E Karni… - Social Choice and Welfare, 1998 - Springer
Abstract. In Harsanyi's impartial observer theorem, an impartial observer determines a social
ordering of the lotteries on the set of social alternatives based on a sympathetic but impartial
concern for all individuals in society. This ordering is derived from a more primitive ...
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Welfare and comparative statics implications of fair social security:: A steady-state analysis

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E Karni… - Journal of Public Economics, 1986 - Elsevier
Abstract This paper examines the steady-state welfare and comparative statics implications
of fair social security in an overlapping generations model with uncertain lifetime. The model
is designed to capture the effects of lifetime uncertainty extending over the individual's ...
Cited by 15 - Related articles - All 5 versions

On the representation of beliefs by probabilities

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E Karni - Journal of Risk and Uncertainty, 2003 - Springer
This paper explores two axiomatic structures of subjective expected utility assuming a finite
state-space and state-dependent, connected, topological outcome-spaces. Building on the
work of Karni and Schmeidler (1981) the analytical framework includes, in addition to the ...
Cited by 15 - Related articles - BL Direct - All 10 versions

[CITATION] Technological progress and income inequality

E Karni… - Working Papers, 1990 - econpapers.repec.org
By Edi Karni and Itzhak Zilcha; TECHNOLOGICAL PROGRESS AND INCOME INEQUALITY.
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Social welfare functions and fairness

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E Karni - Social Choice and Welfare, 1996 - Springer
A definition of a social state is proposed that incorporates the notion of procedural fairness
into Harsanyi's (1955) analytical framework. We show that, within the new framework, a
Harsanyi-type social welfare function is immune to Diamond's (1967) criticism. Moreover, ...
Cited by 14 - Related articles - Library Search - BL Direct - All 5 versions

A note on Lucas's equilibrium model of the business cycle

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E Karni - The Journal of Political Economy, 1980 - JSTOR
Lucas (1975, 1977) recently proposed to analyze the business cycle as an equilibrium
phenomenon. Lucas's theory is founded upon two" classical" premises:(a) markets clear at
all times, and (b) agents act in their own self-interest. Lucas's novel idea is to seek an ...
Cited by 13 - Related articles - All 5 versions

On the equivalence between descending bid auctions and first price sealed bid auctions

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E Karni - Theory and Decision, 1988 - Springer
Bidding the same price in descending bid auctions and in first price sealed bid auctions is
equivalent to expected utility maximizing behavior, and this is equivalent to dynamically
consistent bidding. The claim that, in strategic form, descending bid and first price sealed ...
Cited by 13 - Related articles - All 2 versions

Elicitation of subjective probabilities when the initial endowment is unobservable

Full text - MIT Libraries
JY Jaffray… - Journal of Risk and Uncertainty, 1999 - Springer
In the framework of subjective expected utility theory we develop two distinct procedures for
the elicitation of a person's subjective probabilities when the initial endowment is random
and unobservable. Procedures of the first kind rely on the boundedness of the utility ...
Cited by 12 - Related articles - BL Direct - All 9 versions

[PDF] Intensity of the sense of fairness: measurement and behavioral characterization

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E Karni… - Journal of Economic Theory, 2002 - upi-yptk.ac.id
Individuals who share the same moral values may differ in terms of the intensity of their
moral sentiments. Other things being equal, some individuals may experience a more
intense sense of gratification when acting virtuously or suffer more when acting ...
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[PDF] Optimal unemployment insurance: A guide to the literature

[PDF] from worldbank.org
E Karni - Paper do Banco Mundial Sobre Proteção Social, 1999 - www-wds.worldbank.org
Abstract Unemployment insurance has been the subject of numerous theoretical and
empirical studies. These studies elucidate the benefits and the cost of unemployment
insurance, namely, the improved the allocation of risk bearing and the reduced incentives ...
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[PDF] On the conjunction fallacy in probability judgment: new experimental evidence

[PDF] from escholarship.org
GB Charness, D Levin… - 2008 - escholarship.org
Abstract: This paper reports the results of a series of experiments designed to test whether
and to what extent individuals succumb to the conjunction fallacy. Using an experimental
design of Kahneman and Tversky (1983), it finds that given mild incentives, the proportion ...
Cited by 11 - Related articles - View as HTML - All 20 versions

Transactions Costs and the Demand for Media of Exchange

E Karni - Economic Inquiry, 1973 - Wiley Online Library
A more detailed consideration of the variables entering fii is in order. The exchange process
involves a wide variety of activities, beginning with the accumulation of information
concerning potential traders and prices and the spreading of information concerning one's ...
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WHY DOES IT MATTER THAT BELIEFS AND VALUATIONS BE CORRECTLY REPRESENTED?*

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S Grant… - International Economic Review, 2005 - Wiley Online Library
Subjective expected utility theory is founded on the tacit notion that choice among alternative
courses of action (acts) is governed by two separate cognitive processes: the assessment of
the likelihood of various events, or the formation of beliefs, and the valuation of the ...
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On the correspondence between multivariate risk aversion and risk aversion with state-dependent preferences

E Karni - Journal of Economic Theory, 1983 - Elsevier
Abstract This paper establishes the correspondence between multivariate risk aversion and
risk aversion with state-dependent preferences. It shows that the prerequisite for
comparability of risk aversion in the multivariate case, namely, identical ordinal ...
Cited by 10 - Related articles - Get it from MIT Libraries - All 6 versions

Inflation and real interest rate: a long-term analysis

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E Karni - The Journal of Political Economy, 1972 - JSTOR
Irving Fisher's theoretical analysis of the behavior of the nominal interest rate concluded that
the nominal rate of interest is equal to the real interest rate plus the anticipated rate of
change in the price level. This proposition is not fully confirmed by empirical evidence. As ...
Cited by 10 - Related articles - Library Search - All 5 versions

An extension of a theorem of von Neumann and Morgenstern with an application to social choice theory

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E Karni… - Journal of Mathematical Economics, 2000 - Elsevier
We present an analytical framework and an axiomatic theory of behavior under risk that
constitutes an extension of the theory of von Neumann and Morgenstern. The extension
entails a relaxation of the mixture space structure of the decision set and requires the ...
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[CITATION] Fraud

E Karni - Eatwell, John et al., the New Palgrave: Allocation, …, 1989
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[PDF] Axiomatic Foundations of Agency Theory

[PDF] from jhu.edu
E Karni - Unpublished manuscript, 2004 - econ.jhu.edu
Abstract This paper develops axiomatic foundations for the parameterized distribution
formulation of agency theory. Both the principal and the agent are subjective expected utility
maximizers. Unlike in traditional subjective expected utility theory, the subjective ...
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Technological progress and income inequality

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E Karni… - Economic Theory, 1995 - Springer
Summary This paper examines the effects of Hicks-neutral, Harrod-neutral, and Solow-
neutral technological improvements on the distribution of income in an overlapping
generations economy with endogenous labor supply and a bequest motive. Income ...
Cited by 10 - Related articles - All 7 versions

[CITATION] Period analysis and continuous analysis in Patinkin's macroeconomic model

E Karni - Journal of Economic Theory, 1978 - econpapers.repec.org
... EconPapers has moved to http://EconPapers.repec.org! Please update your bookmarks.
Period analysis and continuous analysis in Patinkin's macroeconomic model. Edi Karni.
Journal of Economic Theory, 1978, vol. 17, issue 1, pages 134-140. ...
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A theory of Bayesian decision making with action-dependent subjective probabilities

[PDF] from bc.edu
E Karni - Economic Theory, 2009 - Springer
Abstract This paper presents a complete, choice-based, axiomatic Bayesian decision theory.
It introduces a new choice set consisting of information-contingent plans for choosing
actions and bets and subjective expected utility model with effect-dependent utility ...
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Subjective probabilities and utility with event-dependent preferences

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E Karni - Journal of Risk and Uncertainty, 1992 - Springer
This article generalizes Savage's theory to include event-dependent preferences. The state
space is partitioned into finitely many events. The induced preferences over consequences
are assumed independent of the underlying states within, but not across, these events. ...
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A theory of quantifiable beliefs

[PDF] from luiss.it
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S Grant… - Journal of Mathematical Economics, 2004 - Elsevier
Building upon the works of Anscombe and Amuann [Ann. Math. Stat. 34 (1963) 199] and
Karni and Schmeidler [An expected utility theory for state-dependent preferences. Working
Paper 48-80, Foerder Institute for Economic Research, Tel Aviv University], we develop a ...
Cited by 9 - Related articles - All 9 versions

A Consistent Estimator of the Slope in a Regression Model with Errors in the Variables

E Karni… - Journal of the American Statistical Association, 1974 - JSTOR
Consistent estimators for the slope coefficient in a regression model, where both variables
are subject to errors, do not exist without some restrictions on the model. When the serial
correlation of (lag 1) of the regression is known to be nonzero, one can obtain extra ...
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Political structure, taxes, and trade

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E Karni… - Journal of Public Economics, 1997 - Elsevier
This paper examines the effects of the political organization of a chain of markets on the
level of taxes and the volume of trade. Using a game-theoretic approach we note that, under
certain demand stuructures, noncooperative tax policies implemented by independent ...
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[BOOK] Bayesian decision theory and the representation of beliefs

[PDF] from jhu.edu
E Karni… - 2007 - econ2.jhu.edu
Abstract In this paper, I present an axiomatic choice theory of Bayesian decision makers and
define choice-based subjective probabilities that truly represent Bayesian decision makers'
prior and posterior beliefs. I give an example that illustrates the potential consequences of ...
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Impartiality and interpersonal comparisons of variations in well-being

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E Karni - Social Choice and Welfare, 2003 - Springer
The moral imperative requiring “equal treatment of equal claims,” or impartiality, is defined in
the frameworks of Harsanyi's aggregation and impartial observer theorems as an axiomatic
restriction of the underlying moral value judgments. The implications of impartiality for the ...
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A theory of medical decision making under uncertainty

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E Karni - Journal of Risk and Uncertainty, 2009 - Springer
Abstract This paper presents an axiomatic model of medical decision making and discusses
its potential applications. The medical decision problems envisioned concern the choice of a
medical treatment following a diagnosis in situations in which data allow construction of ...
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Utility theory with probability dependent outcome valuation: Extensions and applications

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E Karni… - Journal of Risk and Uncertainty, 1995 - Springer
This article extends Karni's (1992) Utility Theory with Probability Dependent Outcome
Valuation (UTP-DOV) to accommodate a wider set of preferences, and applies the new
representation to a variety of decision problems under risk. First, we present a new, more ...
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[CITATION] Risk aversion in the Theory of Health Insurance

E Karni… - 1981 - Foerder Institute for Economic …
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[PDF] Objective and subjective expected utility with incomplete preferences

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T Galaabaatar, E Karni - 2010 - econ.jhu.edu
Abstract This paper extends the expected utility models of decision making under risk and
under uncertainty to include incomplete beliefs and tastes. The main results are two
axiomatizations of the multiprior expected multi-utility representations of preference ...
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[CITATION] " Preference Reversal" and the Theory of Choice Under Risk+

E Karni, Z Safra… - 1984 - Foerder Institute for Economic …
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[BOOK] A theory of quantifiable beliefs

S Grant, E Karni… - 2000 - en.scientificcommons.org
Abstract Building upon the works of Anscombe and Aumann (1963) and Karni and
Schmeidler (1981), we develop a general axiomatic theory of quantifiable beliefs-a form of
probabilistic sophistication that does not preclude state-dependent preferences and does ...
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Tales of horror from ivory towers

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E Karni… - The Journal of Political Economy, 1980 - JSTOR
Stunned disbelief swept across the nation's universities yesterday, following the release of a
report by an investigatory committee looking into charges of data torture. Following a
massive, 6-month probe, the Committee on the Mistreatment of Raw Data (COMRAD) ...
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On the Private Production of Public Goods

E Karni - Review of Social Economy, 1976 - Taylor & Francis
The main concern of tlle present study is the investigation of some welfare aspects of private
provision of exclusive public goods which were neglected in the existing literature dealing
with this subject. In particul: ir, we demonstrate that the particular attributes of a public ...
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[CITATION] Dynamic consistency in English auctions and expected utility theory

E Karni, Z Safra… - 1986 - Foerder Institute for Economic …
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[BOOK] Why does it matter that beliefs and valuations be correctly represented?

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S Grant, E Karni… - 2002 - econ.jhu.edu
Abstract This paper contains an analysis of a simple principal-agent problem illustrating
possible problems that may arise when the prinicpal ascribes to the agent subjective
probabilities and utilities that are implied by the subjective expected utility model but do ...
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Saving behavior in stationary equilibrium with random discounting

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E Karni… - Economic Theory, 2000 - Springer
Summary. We study the implications of random discount rates of future generations for
saving behavior and capital holdings in a steady state competitive equilibrium with
heterogeneous population. A well-known difficulty in deterministic economies with ...
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On the Specification of Asset Equilibrium in Macroeconomic Models: A Note

E Karni - The Journal of Political Economy, 1979 - JSTOR
This paper describes two alternative institutional setups for trading in assets and goods. One
setup corresponds to a" beginning-of-period:" asset equilibrium specification; the other
suggests both beginning and end-of-period equilibrium. It is shown that:(a) each model is ...
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Subjective Probabilities on a State Space

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E Karni - American Economic Journal: Microeconomics, 2011 - ingentaconnect.com
Abstract: This paper extends the analytical framework of Karni (2011) to include a state
space and advances a choice-based definition of subjective probabilities on this space.
These probabilities represent the beliefs of Bayesian decision makers regarding the ...
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Utility theory with probability-dependent outcome valuation

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E Karni - Journal of Economic Theory, 1992 - Elsevier
This paper provides an axiomatic characterization of a class of nonexpected utility models of
decision making under risk. It formalizes the notion that the valuation of outcomes may
depend on the probability measure in whose support the outcomes are contained and ...
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[PDF] “Reverse Bayesianism”: A Choice-Based Theory of Growing Awareness

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E Karni… - Johns Hopkins University, 2011 - econ2.jhu.edu
Abstract This paper invokes the axiomatic approach to explore the notion of growing
awareness in the context of decision making under uncertainty. It introduces a new
approach to modeling the expanding universe of a decision maker in the wake of ...
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Moral sentiments and social choice

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E Karni… - Social Choice and Welfare, 2008 - Springer
Abstract We examine the implications, for social choice, of individuals having an intrinsic
sense of fairness. Taking the viewpoint that social justice reflects the moral attitudes of the
constituent members, we analyze the effect of the intensity of the individual sense of ...
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[CITATION] Individual Liberty: The Pareto Principle and the Possibility of Social Choice Function

E Karni - 1974 - Tel Aviv University. Foerder Institute …
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A reformulation of the maxmin expected utility model with application to agency theory

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E Karni - Journal of Mathematical Economics, 2009 - Elsevier
Invoking the parameterized distribution formulation of agency theory, the paper develops
axiomatic foundations of the principal's and agent's choice behaviors that are representable
by the maximization of the minimum expected utility over action-dependent sets of priors. ...
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Agency theory: choice-based foundations of the parametrized distribution formulation

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E Karni - Economic Theory, 2008 - Springer
Abstract This paper develops choice-theoretic foundations of the principal's and the agent's
behaviors underlying the parametrized distribution formulation of agency theory. Both the
principal and the agent are expected-utility maximizers and their action-dependent ...
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A new approach to modeling decision-making under uncertainty

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E Karni - Economic Theory, 2007 - Springer
Abstract This paper presents two axiomatic models of decision making under uncertainty
that avoid the use of a state space. The first is a subjective expected utility model with action-
dependent subjective probabilities and effect-dependent preferences (the case of effect- ...
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Risk Aversion and Saving Behavior: Summary and Extension

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E Karni - International Economic Review, 1982 - JSTOR
The study of saving behavior under uncertainty focuses on two issues:(i) the effect of
increasing risk aversion on saving behavior (Kihlstrom and Mirman [1974]),(ii) the effect of
increasing risk on saving behavior (Leland [1968], Sandmo [1970]). This paper deals with ...
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[CITATION] Revelations in Auctions and the Structure of Preferences

E Karni, Z Safra… - 1986 - Foerder Institute for Economic …
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[CITATION] A Welfare Analysis of Steady States in an Overlapping Generations Model with Uncertain Lifetime

E Karni… - Johns Hopkins University, Working Papers in …, 1984
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THE VALUE OF TIME AND THE DEMAND FOR MONEY: EVIDENCE FROM UK TIME SERIES DATA*

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E Karni - Australian Economic Papers, 1975 - Wiley Online Library
The literature dealing with the demand function for money does not treat labor-income and
property-income as separate arguments. The presumed justification for this attitude is that the
two components that constitute the total income, do not represent distinct constraints on ...
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Continuity, completeness and the definition of weak preferences

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E Karni - Mathematical Social Sciences, 2011 - Elsevier
This note explores the connections between continuity and completeness under alternative
conceptions of preference relations. For non-trivial preorders, it shows that, unlike the
standard definitions, the weak preference relation defined in Galaabaatar and Karni (2010 ...
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[PDF] Agency theory with maxmin expected utility players

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E Karni - 2006 - econ2.jhu.edu
Abstract This paper extends the analysis of incentive contracts, designed to mitigate the
welfare loss associated with moral hazard, to the case in which the principal and the agent
are maxmin expected utility players. Invoking the parametrized distribution formulation of ...
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