How do risk attitudes change after experiencing gains or losses? For the case of losses, Imas (Am Econ Rev 106:2086–2109, 2016) shows that subsequent risk-taking behavior depends on whether these losses have been realized or not. After a realized loss, individuals’ risk-taking decreases,...

How do risk attitudes change after experiencing gains or losses? For the case of losses, Imas (2016) shows that subsequent risk-taking behavior depends on whether these losses have been realized or not. After a realized loss, individuals' risk-taking decreases, whereas it increases after an...

The satiation utility model - a modification of discounted utility satisfying local substitution - predicts that optimal consumption sequences are U-shaped (high at the very beginning, constant in the middle, and high at the very end). To test this prediction we collect two datasets of musical...

Former studies have shown that people tend to give buying prices that are lower than selling prices. In our study we investigate if this willingness to accept and willingness to pay disparity sustains for state contingent claims. Contingent claims are defined using risky, ambiguous, and...

Portfolio choice is usually modelled by von Neumann-Morgenstern utility. Risk-value models are more general and permit the derivation of risk-value efficient frontiers. A behaviorally based risk measure with an endogenous or exogenous benchmark is used to derive efficient portfolios and to...