When people decide about saving and consumption across the various periods of their life time they take into account … expectancy. In this report we focus on how personality characteristics influence the amount of consumption in single periods of … their life expectancy when comparing present and future needs and resources for satisfying them. The experimental design …

The influence of heterogeneous time preferences on the term structure is investigated. Motivated by the Preferred … Habitat Theory of Modigliani and Sutch, a model for intertemporal preferences accounting for preferred habitats is proposed … term bonds to shorter instruments as the Preferred Habitat Theory predicts. …

between "now" and "later" is the same as between "later" and "even later", we also test the hypothesis of hyperbolic …Experimental studies of risk and time-preference typically focus on one of the two phenomena. The goal of this paper is … discounting. The main result is a statistically significant negative correlation between subjects' degrees of risk aversion and …

special cases. The optimal consumption plan turns out to be the running maximum of the optimal plan a conventional time …The utility maximization problem of "ratchet investors" who do not tolerate any decline in their consumption rate is …

conditions for optimality are given. An explicit solution is provided for a large class of utility functions. In particular, the …We study the intertemporal utility maximization problem for Hindy-Huang-Kreps utilities. Necessary and sufficient … case of separable power utilities with a finite time horizon is solved explicitly. -- non-time additive utility …

We extend the analysis of the intertemporal utility maximization problem for Hindy-Huang-Kreps utilities reported in … Bank and Riedel (1998) to the stochastic case. Existence and uniqueness of optimal consumption plans are established under … plans are obtained by re- flecting the associated level of satisfaction on a stochastic lower bound. When uncertainty is …

We prove existence of an Arrow-Debreu equilibrium when agents' preferences exhibit local substitution in the sense of … general, they do not belong to the space suggested originally by Hindy and Huang (1992) due to an additional singular local …

spend to acquire it. The existence of this effect has been documented in numerous experiments. We attempt to explain this …The endowment effect describes the fact that people demand much more to give up an object than they are willing to … effect by showing that evolution favors individuals whose preferences embody an endowment effect. The reason is that an …

assumed risk neutrality throughout. With the help of these results evolutionary processes are formulated according to which … sellers can switch to market research or refrain from it depending on the difference in profits of informed and uninformed … sellers. We derive the evolutionarily stable number of informed sellers and discuss how it is influenced by market parameters …

Adopting the indirect evolutionary approach, we show that it might be beneficial for firms on a heterogeneous market …