intergenerational transfers. We characterize the optimal set of allocation decisions that maximizes reproductive fitness. Time … preference (the discount rate) is derived from the marginal rate of substitution between energy obtained at two different times … with humans. During the immature phase, time preference depends only on the compounding effect of body growth, much like …

assets short. The model results, under suitable restrictions of the parameters of the model, in partial consumption insurance … non-degenerate consumption- and wealth distribution. We use the tractability of the model to study, analytically … conditions under which it has lower/higher risk premia than the corresponding representative agent version of the model …

We provide an axiomatic model of preferences over atemporal risks that generalizes Gul (1991) A Theory of … also demonstrate that a small amount of conditional heteroskedasticity in the endowment-growth process is necessary to … Disappointment Aversion' by allowing risk aversion to be first order' at locations in the state space that do not correspond to …

. Our analysis also makes predictions about the kinds of preferences that might be able to address the stock market …, separately from other risks she already faces, may be a more important feature of decision-making under risk than previously … small stakes and show that across a wide range of utility functions, including all expected utility and many non …

The intermittency of payment for many goods creates a disconnect between paying and consuming such that the marginal … taxes address dynamic inefficiencies that are not captured in static models of inattention. We also characterize a second …-best constant tax and the excess burden associated with time-invariant tax rates. We then calibrate the model to U.S. residential …

If experimental subjects arbitrage against market interest rates when making intertemporal allocations of cash, the … choices narrowly, market rates will not be salient and the experiment will uncover subjects' utility discount rates. We test …

describe the large class of models that prioritize present flows of experienced utility. Present-focused preferences need not …Intertemporal tradeoffs play a key role in many personal decisions and policy questions. We describe models of … intertemporal choice, identify empirical regularities in choice, and pose new questions for research. The focus for intertemporal …

Uncertainty about the timing of retirement is a major financial risk with implications for decision making and welfare … over the life cycle. We estimate that the standard deviation of the difference between retirement expectations and actual … retirement dates ranges from 4.28 to 6.92 years. We develop a quantitative model to assess the impact of this risk. Individuals …

time invariance. While the conjunction of time invariance and stationarity implies time consistency, the converse does not … inconsistent. We argue that this claim conflates time consistency with two distinct properties of preferences: stationarity and …

the predictive power of those studies. We explain why MEL choices are driven in part by some factors that are distinct … rates of return for financial flows) into a discount function. We summarize empirical regularities found in MEL studies and …