Although economic agents routinely face various types of economic uncertainty, their effects are often unclear and hard … to assess, in part due to the absence of suitable measures of uncertainty. Because of the numerous and very substantial … their periods of uncertainty, moreover, these countries have experienced sharply falling fertility rates. Some have argued …

distinct elements of prospect theory and find loss aversion and probability weighting to be redundant in respect of the puzzle … Yitzhaki puzzle). The existing literature disagrees on whether prospect theory overturns the puzzle. We disentangle four …. Prospect theory fails to reverse the puzzle for various classes of endogenous specification of the reference level. These …