Expected utility of net present value is the practitioner's approach to incorporate risk aversion into the evaluation of a project's cash flows. The discount rate and the convergence with the risk-neutral beta-adjusted approach from finance have always been a question. To fill this gap, we adopt...

Present equivalents of future payouts elicited from individuals exhibit a high variability in the underlying discount rate, suggesting that multiple factors influence discounting. One such factor --- shown to be robust --- is the magnitude effect, whereby small future payouts are discounted more...