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Full-Text Articles in Other Mathematics
Development Of Utility Theory And Utility Paradoxes, Timothy E. Dahlstrom
Development Of Utility Theory And Utility Paradoxes, Timothy E. Dahlstrom
Lawrence University Honors Projects
Since the pioneering work of von Neumann and Morgenstern in 1944 there have been many developments in Expected Utility theory. In order to explain decision making behavior economists have created increasingly broad and complex models of utility theory. This paper seeks to describe various utility models, how they model choices among ambiguous and lottery type situations, and how they respond to the Ellsberg and Allais paradoxes. This paper also attempts to communicate the historical development of utility models and provide a fresh perspective on the development of utility models.
Envy-Free Fair Division With Two Players And Multiple Cakes, Justin J. Shin
Envy-Free Fair Division With Two Players And Multiple Cakes, Justin J. Shin
Senior Projects Fall 2016
When dividing a valuable resource amongst a group of players, it is desirable to have each player believe that their allocation is at least as valuable as everyone else's allocation. This condition, where nobody is envious of anybody else's share in a division, is called envy-freeness. Fair division problems over continuous pools of resources are affectionately known as cake-cutting problems, as they resemble attempts to slice and distribute cake amongst guests as fairly as possible. Previous work in multi-cake fair division problems have attempted to prove that certain conditions do not allow for guaranteed envy-free divisions. In this paper, we …