durable goods. We show that consumers' utility and discount functions in a dynamic discrete choice model are jointly … identified using data generated by this specific design. In contrast, based on revealed preference data, the utility and discount …

operators and another that exploits the theory of monotone concave operators - we obtain conditions that are both necessary and …

the linear approach to dynamic programming by using ideas from approximation theory to avoid inefficient discretization …

paper, we argue that a stable utility function defined over consumption and leisure can account for this fact, jointly with … displaying balanced growth. The key feature of the utility function is an income effect (of higher wages) that slightly outweighs …

introduces health-dependent utility into a model in which preferences for bequests, expenditures when in need of long-term care …

-separable utility functions …

utility function curvature. We present a new methodology for identifying time preferences, both discounting and utility … obtained, dynamically consistent discounting, and limited though significant utility function curvature …

Exchange rates depreciate by the difference between the domestic and foreign marginal utility growths. Exchange rates … vary a lot , as much as 10% per year. However, equity premia imply that marginal utility growths vary much more, by at … least 50% per year. This means that marginal utility growths must be highly correlated across countries -- international …