Risk and time are intertwined. The present is known while the future is inherently risky. Discounted expected utility … robust violations of discounted expected utility, inconsistent with both prospect theory probability weighting and models …

to estimate random utility models, as if they are data on actual choices. Stated choices may differ from actual ones …. This paper shows how to use elicited choice probabilities to estimate random utility models with random coefficients and …

-pecuniary component of utility associated with each choice alternative. Previous work has found that, without parametric restrictions or …-pecuniary component of utility associated with each choice alternative. We develop nonparametric estimators corresponding to two …

expected utility (GEU) to the diversification of agents who maximize the conventional expected utility (EU). Specifically, we … derive the patterns of diversification for agents who maximize a rank-dependent' expected utility, attaching more weight to … bad' than to good' outcomes, in contrast to the probability weights used in a conventional expected utility maximization …

because of inconsistencies in revealed preferences across behavioral frames. We adapt theories of expected utility …

augmenting the standard power utility function with a time-varying subsistence level, or "external habit", that adapts …

income. Stratification and sorting often manifest state-dependent preferences in which the marginal utility of income … before location is chosen, the a priori von Neuman-Morgenstern utility function over both choices can take the Friedman …

This paper studies household asset demands by allowing certain assets to contribute directly to utility. It estimates … the parameters of an aggregate utility function which includes both consumption and liquidity services.These liquidity …