UTILITY SEPARATION AND EFFICIENT BEHAVIOR IN DEMAND THEORY
In: Kyklos: international review for social sciences, Band 28, Heft 1, S. 165-167
ISSN: 1467-6435
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In: Kyklos: international review for social sciences, Band 28, Heft 1, S. 165-167
ISSN: 1467-6435
In: Kyklos: international review for social sciences, Band 26, Heft 1, S. 91-112
ISSN: 1467-6435
In: Journal of economics and business, Band 60, Heft 5, S. 395-414
ISSN: 0148-6195
In: Journal of economics and business, Band 54, Heft 1, S. 55-71
ISSN: 0148-6195
In: Mathematical social sciences, Band 35, Heft 3, S. 233-244
In: The Economic Journal, Band 102, Heft 413, S. 831
In: Mathematical social sciences, Band 8, Heft 3, S. 217-227
In: Journal of economics and business, Band 36, Heft 4, S. 443-452
ISSN: 0148-6195
In: Public choice, Band 42, Heft 3, S. 257-272
ISSN: 1573-7101
In: Public choice, Band 42, Heft 3, S. 257
ISSN: 0048-5829
In: Decision sciences, Band 14, Heft 3, S. 314-325
ISSN: 1540-5915
ABSTRACTThis paper analyzes an expert resolution problem under an uncertain dichotomous choice situation. The experts share a common system of norms and therefore they all prefer the alternative that best suits their purpose. The selection of such an alternative is referred to as a correct choice. Our analysis of optimal decision rules for panels of independent experts is pursued for n‐member decision‐making bodies, n≤ 5. The suggested optimality criterion is the maximization of the probability of the panel's making the correct choice. Within our framework, this criterion is equivalent to the more common criterion of expected‐utility maximization. For three‐member panels of experts, the expert resolution problem is solved and illustrated by means of a medical application. For four‐member panels, we list the three relevant decision rules, specify the conditions for all possible rankings of these rules, and, finally, present an extended consulting application. We conclude by listing seven relevant decision rules in the case of five‐member decision‐making bodies.
In: Journal of economics and business, Band 34, Heft 1, S. 95-100
ISSN: 0148-6195
In: The quarterly review of economics and finance, Band 74, S. 148-162
ISSN: 1062-9769
In: Public choice, Band 66, Heft 3, S. 279-291
ISSN: 1573-7101