This paper studies when stochastic choices are consistent with behavior from Bayesian expected utility maximization and … there is no random deviation rule that improves ex-ante expected utility for all possible information structures consistent …

Consider a subjective expected utility preference relation. It is usually held that the representations with which this … relation is compatible differ only in one respect, namely, the possible scales for the measurement of utility. In this paper, I … existence is that the standard axiomatizations of subjective expected utility fail to provide the measurement of subjective …

This paper takes seriously that the quasilinear utility model is an approximation. We interpret approximation error as …

In this paper we report further progress towards a complete theory of state-independent expected utility maximization … with semi-martingale price processes for arbitrary utility function. Without any technical assumptions we establish a …

This paper uses the notion of augmented utility to summarize models of utility maximization (MUM). The models covered … include non-separable utility maximization and common behavioral models of discounting. Moreover, the paper provides as novel …

A number of authors have suggested that investors derive utility from realizing gains and losses on assets that they … own. We present a model of this quot;realization utility,quot; analyze its predictions, and show that it can shed light on …

come by. We offer a simple proof technique that covers many models of interest, such as the Bansal-Yaron long-run risk …

The quasi-linear quadratic utility model is widely used in economics. The knowledge of its exact origin is less …

documented in experiments. This model, Boolean expected utility (BEU), represents the belief the decision-maker uses to evaluate …

Many violations of the Independence axiom of Expected Utility can be traced to subjects' attraction to risk … result is a utility representation of all preferences over monetary lotteries that satisfy Negative Certainty Independence … a given lottery p; instead, she has in mind a set of possible utility functions over outcomes and displays a cautious …