Related papers: Convergence to Utility Maximization and the Indiff…
To study the assumption that the utility maximization hypothesis implicitly adds to consumer theory, we consider a mathematical representation of pre-marginal revolution consumer theory based on subjective exchange ratios. We introduce two…
Gallice and Monz\'on (2019) present a natural environment that sustains full co-operation in one-shot social dilemmas among a finite number of self-interested agents. They demonstrate that in a sequential public goods game, where agents…
User interests are usually dynamic in the real world, which poses both theoretical and practical challenges for learning accurate preferences from rich behavior data. Among existing user behavior modeling solutions, attention networks are…
Probabilistic confidence metrics are increasingly adopted as proxies for reasoning quality in Best-of-N selection, under the assumption that higher confidence reflects higher reasoning fidelity. In this work, we challenge this assumption by…
Many biological, psychological and economic experiments have been designed where an organism or individual must choose between two options that have the same expected reward but differ in the variance of reward received. In this way,…
We consider the problem of probabilistic allocation of objects under ordinal preferences. We devise an allocation mechanism, called the vigilant eating rule (VER), that applies to nearly arbitrary feasibility constraints. It is constrained…
The hypothesis that direct human intention can modulate the concurrent outcomes of a stochastic process has been under test for over 35 years, surrounded by inconclusive evidence and a great amount of ambiguity. An increased interest has…
In the modern knowledge economy, success demands sustained focus and high cognitive performance. Research suggests that human cognition is linked to a finite resource, and upon its depletion, cognitive functions such as self-control and…
The development and deployment of matching procedures that incentivize truthful preference reporting is considered one of the major successes of market design research. In this study, we test the degree to which these procedures succeed in…
In this paper, I develop and characterize two models of random attention that differ from each other with respect to the menu-dependence of the unobserved reference alternatives. In both models, the decision-maker pays attention to subsets…
Evidence suggests that participants in strategy-proof matching mechanisms play dominated strategies. To explain the data, we introduce expectation-based loss aversion into a school-choice setting and characterize choice-acclimating personal…
We compare three populations commonly used in experiments by economists and other social scientists: undergraduate students at a physical location (lab), Amazon's Mechanical Turk (MTurk), and Prolific. The comparison is made along three…
Modeling user sequential behaviors has recently attracted increasing attention in the recommendation domain. Existing methods mostly assume coherent preference in the same sequence. However, user personalities are volatile and easily…
A growing body of evidence has shown that incorporating behavioral economics principles into the design of financial incentive programs helps improve their cost-effectiveness, promote individuals' short-term engagement, and increase…
We show that many models of choice can be alternatively represented as special cases of choice with limited attention (Masatlioglu, Nakajima, and Ozbay, 2012), singling out the properties of the unobserved attention filters that explain the…
Recent literature in the last Maximum Entropy workshop introduced an analogy between cumulative probability distributions and normalized utility functions. Based on this analogy, a utility density function can de defined as the derivative…
Given a set U of alternatives, a choice (correspondence) on U is a contractive map c defined on a family Omega of nonempty subsets of U. Semantically, a choice c associates to each menu A in Omega a nonempty subset c(A) of A comprising all…
Level-1 Consensus is a property of a preference-profile. Intuitively, it means that there exists a preference relation which induces an ordering of all other preferences such that frequent preferences are those that are more similar to it.…
The tendency of repeating past choices more often than expected from the history of outcomes has been repeatedly empirically observed in reinforcement learning experiments. It can be explained by at least two computational processes:…
For incomplete preference relations that are represented by multiple priors and/or multiple -- possibly multivariate -- utility functions, we define a certainty equivalent as well as the utility buy and sell prices and indifference price…