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Power analysis of voting by count and account

Midori Hirokawa, Milan Vlach (2006)

Kybernetika

Using players’ Shapley–Shubik power indices, Peleg [4] proved that voting by count and account is more egalitarian than voting by account. In this paper, we show that a stronger shift in power takes place when the voting power of players is measured by their Shapley–Shubik indices. Moreover, we prove that analogous power shifts also occur with respect to the absolute Banzhaf and the absolute Johnston power indices.

Preface

Rama Cont, Jean-Pierre Fouque, Bernard Lapeyre (2007)

ESAIM: Probability and Statistics

Preface

Ronald Hoppe, Karl Kunisch, Jan Sokołowski, Antoni Żochowski (2010)

Control and Cybernetics

Préférences et rationalité stochastiques

Pascal Bouyaux (1990)

Mathématiques et Sciences Humaines

Le but de cet article est de procéder à une présentation pédagogique d'un concept étendu de rationalité, la rationalité stochastique. Dans une première partie, nous exposons le problème à l'aide d'un exemple simple et posons un ensemble de définitions préliminaires. Puis, dans une seconde partie, nous présentons le résultat fondamental de Falmagne (1978) s'appliquant aux situations de choix multiples ; l'approche ensembliste de cet auteur est formalisée à partir du concept de polynômes de Block-Marschak...

Premium evaluation for different loss distributions using utility theory

Harman Preet Singh Kapoor, Kanchan Jain (2011)

Discussiones Mathematicae Probability and Statistics

For any insurance contract to be mutually advantageous to the insurer and the insured, premium setting is an important task for an actuary. The maximum premium ( P m a x ) that an insured is willing to pay can be determined using utility theory. The main focus of this paper is to determine P m a x by considering different forms of the utility function. The loss random variable is assumed to follow different Statistical distributions viz Gamma, Beta, Exponential, Pareto, Weibull, Lognormal and Burr. The theoretical...

Pricing bonds and CDS in the model with rating migration induced by a Cox process

Jacek Jakubowski, Mariusz Niewęgłowski (2008)

Banach Center Publications

We investigate the properties of a rating migration process assuming that it is given by subordination of a discrete time Markov chain and a Cox process. The problem of pricing of defaultable bonds with fractional recovery of par value with rating migration and credit default swaps is considered. As an example of applications of our results, we give an explicit solution to the pricing problem in a model with short rate and intensity processes given by the solution of a two-dimensional Ornstein-Uhlenbeck...

Pricing rules under asymmetric information

Shigeyoshi Ogawa, Monique Pontier (2007)

ESAIM: Probability and Statistics

We consider an extension of the Kyle and Back's model [Back, Rev. Finance Stud.5 (1992) 387–409; Kyle, Econometrica35 (1985) 1315–1335], meaning a model for the market with a continuous time risky asset and asymmetrical information. There are three financial agents: the market maker, an insider trader (who knows a random variable V which will be revealed at final time) and a non informed agent. Here we assume that the non informed agent is strategic, namely he/she uses a utility function to...

Principal-agent approach to environmental improvements policies

Wojciech Szatzschneider, Teresa Kwiatkowska (2010)

Banach Center Publications

Successful solution to any environmental problem implies working with Knightian uncertainty that explicitly deals with decision making under conditions of unstructured randomness. A 'wild' type of randomness that we will never discern due to its unstable properties makes the assignment of corresponding probabilities impossible. For that reason, the consideration of general economical factors within cost/benefit analysis must fail. So, instead of governmental intervention and a cup and trade scheme,...

Probabilistic comparison of weighted majority rules

Daniel Berend, Luba Bromberg, Luba Sapir (2012)

Applicationes Mathematicae

This paper studies a bi-parametric family of decision rules, so-called restricted distinguished chairman rules, which contains several one-parameter classes of rules considered previously in the literature. Roughly speaking, these rules apply to a variety of situations where the original committee appoints a subcommittee. Moreover, the chairman of the subcommittee, who is supposed to be the most competent committee member, may have more voting power than other jurors. Under the assumption of exponentially...

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