We introduce and study no-good-deal valuation bounds defined in terms of expected utility. A utility-based good deal is a payoff whose expected utility is toohigh in comparison to the utility of its price. Forbidding good deals induces, viaduality, restrictions on pricing kernels and thereby...

Estimation of dynamic asset pricing models based on Generalized Method of moments is known to be inefficient and biased. One strand of the literature has provided more efficient estimators based on moment conditions. Here, we present an estimation method based on the numerical solution of the...