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1
Content available The St. Petersburg paradox with state dependent linear utility functions for monetary returns. A note
Lahiri Somdeb
Managerial Economics
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2024
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Vol. 25, no. 2
133--140
EN
In the experiment underlying the St. Petersburg paradox, we use state-dependent linear utility functions for money with a countably infinite set of states of nature to show that a potential participant will be willing to pay no more than a finite sum of money to participate in the experiment.
2
Content available Global independence of irrelevant alternatives, state-salient decision rules and the strict Condorcet choice function
Lahiri Somdeb
Control and Cybernetics
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2024
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Vol. 53, No. 3
457--474
EN
We present a simple proof of a well-known axiomatic characterization of state-salient decision rules, using Weak Dominance Criterion and Global Independence of Irrelevant Alternatives. Subsequently, we provide a simple axiomatic characterization of the Strict-Condorcet choice function on the domain of all preference profiles that have a strict-Condorcet winner, assuming that if the first two ranks are “occupied by the same two alternatives in all states of nature”, then the chosen alternative will be the one from these two that is preferred to the other with probability greater than half - provided such an alternative exists. We also show that this result is not valid if we extend the domain to the set of all preference profiles that have a unique weak-Condorcet winner.
3
Content available A statistical interpretation of a market demand curve for a commodity obeying the law of demand
Lahiri Somdeb
Managerial Economics
|
2023
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Vol. 24, no. 1
27--38
EN
In this note we provide a statistical interpretation of the Marshallian market demand curve of a commodity that obeys the law of demand and which has a finite and positive level of satiation. A consequence of our approach is that in the context of two goods, we are able to obtain demand functions which are very similar to those obtained by “budget-constrained Cobb–Douglas utility maximization”, but now as a result of a “budget-constrained linear utility maximization” exercise, although our budget constraint is “slightly different” from the one that would be used for the former optimization problem.
4
Content available Pattanaik’s axioms and the existence of winners preferred with probability at least half
Lahiri Somdeb
Operations Research and Decisions
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2021
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Vol. 31, No. 2
109--122
EN
We show that three conditions due to Pattanaik, when satisfied by a given profile of state-dependent preferences (linear orders) on a given and fixed set of alternatives and a probability distribution with which the various states of nature occur, are individually sufficient, for the non-emptiness of the set of alternative(s) which are individually preferred to all alternatives other than itself with probability at least half. Before this, we show that since each axiom individually implies Sen-coherence, then, as a consequence of a result obtained earlier, each axiom along with asymmetry of the preferred with at probability at least half relation implies the transitivity of the relation. All the sufficient conditions discussed here are required to apply at least to all those otherwise relevant events that have positive probability. This observation also applies to a sufficient condition for the non-emptiness of the set of alternative(s) which are individually preferred to all alternatives other than itself with probability at least half, called generalised Sen coherence introduced and discussed in earlier research.
5
Content available An example to illustrate several aspects of optimization theory in Managerial Economics
Lahiri Somdeb
Managerial Economics
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2021
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Vol. 22, no. 1
23--34
EN
We provide a single example that illustrates all aspects of linear, integer and dynamic programming, including such concepts such as value of perfect and imperfect information. Such problems, though extremely plausible and realistic are hardly ever discussed in managerial economics.
6
Content available Consumer surplus and budget constrained preference maximization: A note
Lahiri Somdeb
Managerial Economics
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2020
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Vol. 21, no. 1
49--65
EN
The paper attempts to rectify what appear to be popular but elementary misconceptions about the concept of consumer surplus in the context of Marshallian demand curves. It is primarily addressed to teachers of microeconomics at the undergraduate level or in MBA programs of business schools. The main text informs the reader about the model/context and the results we are concerned with, all of the latter being a comprehensive teaching note, relegated to an appendix of the paper. Thus, the potential instructor may use the main text to motivate himself/ herself and at the same time inform his/her students as to the topic i.e. the rehabilitation of consumer surplus as an exact measure of welfare from the stand-point of cost benefit analysis. Thereafter the appendix can be referred to for a more formal presentation. The technical results contained in the appendix begin by showing that willingness to pay is the area under the demand curve if and only if consumers are surplus maximizers. The last result in the appendix is a theoretically ‘happy ending’ since it shows that for purposes of applied economics, budget constrained preference maximization implies surplus maximization and hence for such consumers, willingness to pay is indeed the area under the demand curve up to the quantity consumed.
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