Individuals frequently face intertemporal decisions. For the purposes of economic analysis, the preference parameters assumed to govern these decisions are generally considered to be stable economic primitives. However, evidence on the stability of time preferences is notably lacking. In a large...

Individuals frequently face intertemporal decisions. For the purposes of economic analysis, the preference parameters assumed to govern these decisions are generally considered to be stable economic primitives. However, evidence on the stability of time preferences is notably lacking. In a large...

The study tries to recognize the behaviour of the consumer with respect to the opportunity cost and marginal benefit associated with the commodity. The research tries to evaluate the factors and identify behavioural traits of consumers if they exist in decision making. The study also tries to...

Interpreting depreciation as transfer of value from capital to produced items connects a large part of consumer preferences with the producing structure and sets a two-way relationship between the individual and the economy. Capital imbues commodities with modernity and signification qualities...

The standard theory of rational choice in economics considers an agent's choices to be rational if and only if the agent makes her choices in different choice situations on the basis of a fixed preference ordering defined over the set of all possible options. This implies that a rational agent's...

In Arrow's seminal analysis of optimal risk bearing in which he introduced contingent claim securities, he assumed preferences were representable by a state independent Expected Utility function. Although the classic contingent claim setting assumes agents choose over contingent consumption...

The standard continuous-time version of discounted utility does not possess the local inter-temporal substitution property (quantities consumed in nearby dates should be close substitutes, not complements), and hence does not define a continuous functional in the space of consumption paths. The...

This paper presents a cardinal measure of choice consistency for perturbed utility models. The measure of choice consistency is built on additive errors to the model. The additive errors are meaningful since the perturbed utility model is cardinal and utility differences are meaningful. We...

The study tries to recognize the behavior of the consumer with respect to the opportunity cost and marginal benefit associated with the commodity. The research tries to evaluate the factors and identify behavioral traits of consumers if they exist in decision making. The study also tries to...