Convex preferences: An abstract approach

Author(s):  
Marta Cardin
Author(s):  
Spyros Galanis

AbstractAmbiguity sensitive preferences must fail either Consequentialism or Dynamic Consistency (DC), two properties that are compatible with subjective expected utility and Bayesian updating, while forming the basis of backward induction and dynamic programming. We examine the connection between these properties in a general environment of convex preferences over monetary acts and find that, far from being incompatible, they are connected in an economically meaningful way. In single-agent decision problems, positive value of information characterises one direction of DC. We propose a weakening of DC and show that one direction is equivalent to weakly valuable information, whereas the other characterises the Bayesian updating of the subjective beliefs which are revealed by trading behavior.


2021 ◽  
pp. 1-11
Author(s):  
George A. Hazelrigg ◽  
Donald G. Saari

Abstract The derivation of a theory of systems engineering has long been complicated by the fact that there is little consensus within the systems engineering community regarding precisely what systems engineering is, what systems engineers do, and what might constitute reasonable systems engineering practices. To date, attempts at theories fail to accommodate even a sizable fraction of the current systems engineering community, and they fail to present a test of validity of systems theories, analytical methods, procedures or practices. This paper presents a more theoretical and more abstract approach to the derivation of a theory of systems engineering that has the potential to accommodate a broad segment of the systems engineering community and present a validity test. It is based on a simple preference statement: “I want the best system I can get.” From this statement, it is argued that a very rich theory can be obtained. Whereas most engineering disciplines are framed around a core set of widely accepted physical laws, to the authors' knowledge, this is the first attempt to frame an engineering discipline around a preference.


ChemInform ◽  
2013 ◽  
Vol 44 (36) ◽  
pp. no-no
Author(s):  
Weibing Liu ◽  
Liquan Tan ◽  
Peng Zhou ◽  
Cui Chen ◽  
Qing Zhang
Keyword(s):  

Author(s):  
R. W. Ianni

To the impressive list of Italian periodicals on international law led by the prestigious Rivista di Diritto Internazionale there has now been added The Italian Yearbook of International Law, published exclusively in English. Italian scholars have made a very significant contribution to doctrinal developments in international law; however, some of their work has gone unnoticed because Italian is not among the languages in widespread use in international law circles. In addition, Italian scholarship has suffered somewhat from what some consider to be an overly theoretical or abstract approach to the subject matter. While it is always a noteworthy occasion to welcome a new member into the family of international law yearbooks, the advent of the Italian yearbook is particularly noteworthy, contributing as it does to the accessibility of a broad range of material and learned comment. It is appropriate, therefore, that the first issues of The Italian Yearbook of International Law receive extended comment in the pages of this Yearbook.


2019 ◽  
Vol 6 (3) ◽  
pp. 181848 ◽  
Author(s):  
I. Kavrakov ◽  
D. Legatiuk ◽  
K. Gürlebeck ◽  
G. Morgenthal

Reliable modelling in structural engineering is crucial for the serviceability and safety of structures. A huge variety of aerodynamic models for aeroelastic analyses of bridges poses natural questions on their complexity and thus, quality. Moreover, a direct comparison of aerodynamic models is typically either not possible or senseless, as the models can be based on very different physical assumptions. Therefore, to address the question of principal comparability and complexity of models, a more abstract approach, accounting for the effect of basic physical assumptions, is necessary. This paper presents an application of a recently introduced category theory-based modelling approach to a diverse set of models from bridge aerodynamics. Initially, the categorical approach is extended to allow an adequate description of aerodynamic models. Complexity of the selected aerodynamic models is evaluated, based on which model comparability is established. Finally, the utility of the approach for model comparison and characterization is demonstrated on an illustrative example from bridge aeroelasticity. The outcome of this study is intended to serve as an alternative framework for model comparison and impact future model assessment studies of mathematical models for engineering applications.


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