We characterize optimal consumption policies in a recursive intertemporal utility framework with local substitution. We …

One of the most well-known models of non-expected utility is Gul (1991)'s model of Disappointment Aversion. This model …, however, is defined implicitly, as the solution to a functional equation; its explicit utility representation is unknown …

While many theoretical works, particularly in Family Economics, rely on the Transferable Utility (TU) assumption, its …

prices can be measured through the context of the indirect utility function (IUF) using a lab experiment. First, the paper … in the mainstream of experimental economics. Indeed, the DT in modern microeconomics indicates that the direct utility … under the expected utility theory (EUT) are somewhat subject to context. Other findings imply that the risk premium (RP), as …

) utility function has been touted as the progenitor of a multi-decade search for those two-good, particular utility functions …, which exhibit Giffenity. On the other hand, there is no evidence that the Wold-Juréen (1953) utility function has ever been … the Wold-Juréen (1953) utility function. That is, we show that if the price of Good 1 is greater than or equal to the …

Purpose: We aim to generalize the continuous-time principal-agent problem to incorporate time-inconsistent utility …

is based on utility and threshold functions. We generalize the threshold representation of menu-dependent preferences by …

Economic modeling of Universal Basic Income (UBI) often fails to consider how individuals' utility calculations shift … Utility Functions and Tax Revenue (Neumärker, B., Weinel, J., 2022). We contend that, while traditional fiscal models rely on … an additively separable relationship between consumption and labor, the utility calculation for individuals influenced by …