Human utility embodies a number of seemingly irrational aspects. The leading example in this paper is that utilities … of our utility functions. …

We anlyze the stochastic control approach to the dynamic maximization of the robust utility of consumption and … investment. The robust utility functionals are defined in terms of logarithmic utility and a dynamically consisten convex risk … factor process: Our main results give conditions on the minimal penalty function of the robust utility functional under which …

neoclassical economic theory. -- costs of the business cycle ; non-expected utility preferences ; chooser-dependent preferences … business cycle in the United States equaled .05 percent of consumption. His calculation compared the utility of a … of consumption. To a risk-averse person, the latter path of consumption confers more utility, because it is less volatile …

). The objective of this paper is to examine this possibility in the context of a utility-maximizing model of smoking that is … ingredient in smoking behaviour, this paper is the first to incorporate such knowledge into a utility-price based maximizing …

, utility must be transferable both within marriage and upon divorce, and the marginal rate of substitution between public and …