The paper explores utility measures by combining experiments with mathematical derivations in the psychophysics … paradigm. The analysis on the ultimatum game experiment reveals evidences for the utility threshold and thus supports Bernoulli …'s utility logarithmic law. Both experimental results and theoretical derivations show that the logarithmic law is suitable for …

-dimensional decision outcomes, economic theory assumes a uni-dimensional utility measure. This paper reviews evidence from behavioral and … makers' difficulties can be explained once the motivational aspects of utility (wanting) are disentangled from the …

interpretation of the empirical results is that the indifference curves for religiosity and other commodities of the utility function …

interpretation of the empirical results is that the indifference curves for religiosity and other commodities of the utility function …

In the presence of inequality a status-driven utility function reconciles the conflict between income-based and …

In economic theory, utility depends on past, present and future outcomes. The experiment described in this paper … suggests that utility also depends on people's attitudes, and that it can easily be manipulated through these attitudes. The … results imply, first, that purely outcome-based models of individual utility may be incomplete. Second, that reference …

The concept of utility is often used in ambiguous ways in economics, from having substantive psychological connotations … conceive of utility. It turns out that empirical evidence does not favor a view of multidimensional utility. This does not … eliminate the possibility to make a normative argument supporting a multidimensional notion of utility. …

return on risky assets but also in their attitude to it. While some agents in the economy are subjective utility maximizers … others behave ambiguity averse in the sense of Knight (1921). If ambiguity averse agents meet overly optimistic subjective … utility maximizers in the market lower equity premia can arise in the equilibrium than in a purely subjective utility …

Ambiguity, also called Knightian or model uncertainty, is a key feature in financial modeling. A recent paper by … Maccheroni et al. (2004) characterizes investor preferences under aversion against both risk and ambiguity. Their result shows …