The logic of belief and belief change: a decision theoretic approach
Article Abstract:
Beliefs, logical reasoning and knowledge are basic determinants of preference. An extended version of a probabilistic belief model which assumes normality in an individual belief system indicates that decision makers must have standard logical bases for their preferences and must be aware of all their consequences. Other aspects of knowledge and beliefs beyond normality are also considered to determine the factors that induce preference changes during the decision making process.
Publication Name: Journal of Economic Theory
Subject: Economics
ISSN: 0022-0531
Year: 1996
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On countervailing incentives
Article Abstract:
The generation of pooling or inflexible rules in agency contracts is not a constant result of countervailing incentives. The concavity or convexity of the marginal cost function for a reservation utility affects contract optimality and the relationship between information and production distortion. The contract separates with a quasiconcave function and follows inflexible rules under quasiconvex conditions.
Publication Name: Journal of Economic Theory
Subject: Economics
ISSN: 0022-0531
Year: 1995
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