One of the most well-known models of non-expected utility is Gul (1991)'s model of Disappointment Aversion. This model …, however, is defined implicitly, as the solution to a functional equation; its explicit utility representation is unknown …

marginal utility for wealth necessarily is facilitated by a risk premium function that only robustly is parameterized with …

A major virtue of von Neumann-Morgenstern utility, for example, in the theory of general financial equilibrium (GFE … utility, one which also delivers consistency between plan and execution - and more. In particular, it turns out that one … special case is in fact simply discounted expected utility. Moreover, this alternative formulation affords an extremely …

In this note we ask when Epstein-Zin-Weil (EZW) recursive utility over the infinite horizon is well-founded. EZW … recursive utility has a parameter $\gamma > 0$ representing risk aversion and a parameter $\psi > 0$ representing intertemporal … elasticity of substitution, and is an extension of time-additive isoelastic utility (which corresponds to the special case …

allow utility values to be derived at the individual level also. The DCE presented respondents with eight pairwise risky … choices to estimate aggregate utility values for three EQ-5D health states, ranging from mild to severe. The design allowed … the elicitation of utility values for worse-than-dead states. Risk was represented using the stimulus used by EuroVaQ …