durable goods. We show that consumers' utility and discount functions in a dynamic discrete choice model are jointly … identified using data generated by this specific design. In contrast, based on revealed preference data, the utility and discount …

being. They are Hicksian equivalents in that the price changes yield the same utility changes as would the quantity or …

A number of authors have suggested that investors derive utility from realizing gains and losses on assets that they … own. We present a model of this quot;realization utility,quot; analyze its predictions, and show that it can shed light on …

Using implicit expected utility theory, a money metric of utility derived from playing a lottery game is developed …. Output of the lottery sector can be defined as the difference in utility with and without the game. Using a kinked parametric …

introduces health-dependent utility into a model in which preferences for bequests, expenditures when in need of long-term care …

Revealed preference theory offers a criterion for decision-making quality: if decisions are high quality then there … exists a utility function that the choices maximize. We conduct a large-scale field experiment that enables us to test … subjects' choices for consistency with utility maximization and to combine the experimental data with a wide range of …

robust violations of discounted expected utility, inconsistent with both prospect theory probability weighting and models …Risk and time are intertwined. The present is known while the future is inherently risky. Discounted expected utility …

that both our CEO and student subject pools exhibit frequent and large departures from expected utility theory. In addition … expected utility paradigm in decision making substantially underestimates society's willingness to pay to reduce risk in small …Are individuals expected utility maximizers? This question represents much more than academic curiosity. In a normative …