21 This amounts to a denial of all possibility of scientific investigation in this sphere. Helfferich also is of the opinion that there is an insurmountable obstacle in the way of applying the ...

The theory of expected utility maximization (EUM) explains risk aversion as due to diminishing marginal utility of wealth. However, observed choices between risky lotteries are difficult to reconcile ...

We consider demand systems for utility-maximizing consumers facing general budget constraints whose utilities are perturbed by additive linear shifts in marginal utilities. Budgets are required to ...