We use purely statistical methods to determine if the pricing kernel is the intertemporal marginal rate of substitution under recursive utility. We introduce a nonparametric Bayesian method that treats the pricing kernel as a latent variable and extracts it and its transition density from...

The concept of identity was introduced into the neoclassical utility maximising framework by Akerlof and Kranton in an analysis which draws directly from social psychology's social identity approach and self-categorisation theory. This paper examines their analysis, and compares the social...

Resource economists are often asked to value a proposed change at one, and only one, recreational site; the model we develop and estimate is applicable for those cases. The application is valuing the elimination of fish consumption advisories on a large bay on Lake Michigan. The model is minimal...

The existing literature on climate change offers little guidance on why one specification or another of a "damages function" has been selected. Ideally, one wants a functional form that captures reality adequately, yet is analytically sufficiently tractable to yield useful results. This paper...

Utility should be a function consisting of two autonomous sections both positive and negative, that needs to be configurable to the individuals it is designed to represent. This is achieved through the target by which individuals measure their investments against as well as their individual...

Resource economists are often asked to value a proposed change at one, and only one, recreational site; the model we develop and estimate is applicable for those cases. The application is valuing the elimination of fish consumption advisories on a large bay on Lake Michigan. The model is minimal...