Learn how utility functions derive demand functions and their role in maximizing consumer satisfaction and economic decision making.

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 ...

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 ...

The mission of the Healy Center for Business and Economic Research and Services is to facilitate economic development in our community. We conduct strategic analyses and economic impact studies in ...

A new functional form of the response probability for a qualitative response model is proposed. The new model is flexible enough to avoid the constraint of independence from irrelevant alternatives, ...