Beliefs are a central determinant of behavior. Recent models assume that beliefs about or the anticipation of future … consumption have direct utility-consequences. This gives rise to informational preferences, i.e., preferences over the timing and …, however, is not uniform but depends on context. When the environment allows subjects to not focus attention on (negative …

Beliefs are a central determinant of behavior. Recent models assume that beliefs about or the anticipation of future …, however, is not uniform but depends on context. When the environment allows subjects to not focus attention on (negative …

Beliefs are a central determinant of behavior. Recent models assume that beliefs about or the anticipation of future … consumption have direct utility-consequences. This gives rise to informational preferences, i.e., preferences over the timing and …, however, is not uniform but depends on context. When the environment allows subjects to not focus attention on (negative …

Beliefs are a central determinant of behavior. Recent models assume that beliefs about or the anticipation of future … consumption have direct utility consequences. This gives rise to informational preferences, i.e., preferences over the timing and …, however, is not uniform but depends on context. When the environment allows subjects to not focus attention on (negative …

Beliefs are a central determinant of behavior. Recent models assume that beliefs about or the anticipation of future … consumption have direct utility-consequences. This gives rise to informational preferences, i.e., preferences over the timing and …, however, is not uniform but depends on context. When the environment allows subjects to not focus attention on (negative …

This paper introduces the concept of range-dependent utility. Instead of reference dependence which evaluates outcomes … decision maker is a fully rational expected utility maximizer only within a certain range. Range-dependent utility enables …-dependent utilities can be normalized to obtain decision utility -- a single utility function able to describe decisions involving …

The random utility model (RUM, McFadden and Richter (1990)) has been the standard tool to describe the behavior of a … heterogeneity. We apply this methodology in a novel stochastic choice data set that we collected in a large‐scale online experiment …. Our data set is unique since it exhibits both choice set and (attention) frame variation. We run a statistical survival …

Are individuals always better off when their preferences can be represented by expected utility?I study this question …-run by expected utility maximisers with the share they would receive if their preferences were described by prospect theory … preferences instead when, in either case, they bargain with expected utility maximisers. I present a necessary and sufficient …

We present a novel characterization of random rank-dependent expected utility for finite datasets and finite prizes. As … a byproduct, we obtain a characterization of random expected utility that works for finite datasets. The test lends … itself to statistical testing. We apply our test to an experimental dataset and find evidence against random expected utility …

Many studies document failures of expected utility’s key assumption, the independence axiom. Here, we show that … revealed preference experiment, and without making any parametric assumptions, we show that 1/3 of participants belong in the …