Related papers: Equitable preference relations on infinite utility…
We study fair division of indivisible goods in a single-parameter environment. In particular, we develop truthful social welfare maximizing mechanisms for fairly allocating indivisible goods. Our fairness guarantees are in terms of solution…
We investigate extreme value theory for physical systems with a global conservation law which describe renewal processes, mass transport models and long-range interacting spin models. As shown previously, a special feature is that the…
In this short paper we introduce a new class of performance measures based on certainty equivalents defined via scaled utility functions. We analyse their properties, show that the corresponding portfolio optimization problem is well-posed…
We study budget aggregation under $\ell_1$-utilities, a model for collective decision making in which agents with heterogeneous preferences must allocate a public budget across a set of alternatives. Each agent reports their preferred…
This paper studies a general class of social choice problems in which agents' payoff functions (or types) are privately observable random variables, and monetary transfers are not available. We consider cardinal social choice functions…
Utility representations of preference relations in symmetric topological spaces have the advantage of fully characterising these relations. But, this is not true in the case of representations of preference relations that are mostly…
We consider a fair division model in which agents have general valuations for bundles of indivisible items. We propose two new axiomatic properties for allocations in this model: EF1+- and EFX+-. We compare these with the existing EF1 and…
A dynamic model of collective consumption and saving decisions made by a finite number of agents with constant but different discount rates is developed. Collective utility is a weighted sum of individual utilities with time-varying utility…
The theory of two-sided matching has been extensively developed and applied to many real-life application domains. As the theory has been applied to increasingly diverse types of environments, researchers and practitioners have encountered…
Most decision theories, including expected utility theory, rank dependent utility theory and cumulative prospect theory, assume that investors are only interested in the distribution of returns and not in the states of the economy in which…
In the present paper a new concept of representability is introduced, which can be applied to not total and also to intransitive relations (semiorders in particular). This idea tries to represent the orderings in the simplest manner,…
This paper studies the problem of maximizing the expected utility of terminal wealth for a financial agent with an unbounded random endowment, and with a utility function which supports both positive and negative wealth. We prove the…
In many parts of the world - particularly in developing countries - the demand for electricity exceeds the available supply. In such cases, it is impossible to provide electricity to all households simultaneously. This raises a fundamental…
We study networks of interacting queues governed by utility-maximising service-rate allocations in both discrete and continuous time. For {\em finite} networks we establish stability and some steady-state moment bounds under natural…
Allocation of scarce healthcare resources under limited logistic and infrastructural facilities is a major issue in the modern society. We consider the problem of allocation of healthcare resources like vaccines to people or hospital beds…
We consider a multi-stock continuous time incomplete market model with random coefficients. We study the investment problem in the class of strategies which do not use direct observations of the appreciation rates of the stocks, but rather…
This paper proposes a framewrok for analyzing how the welfare effects of policy interventions are distributed across individuals when those effects are unobserved. Rather than focusing solely on average outcomes, the approach uses readily…
Medical "Crisis Standards of Care" call for a utilitarian allocation of scarce resources in emergencies, while favoring the worst-off under normal conditions. Inspired by such triage rules, we introduce social welfare functions whose…
Random graph models have played a dominant role in the theoretical study of networked systems. The Poisson random graph of Erdos and Renyi, in particular, as well as the so-called configuration model, have served as the starting point for…
We study the optimal joint intervention of a planner who can influence both the standalone marginal utilities of agents in a network and the weights of the links connecting them. The welfare-maximizing intervention displays two key…