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 …

observed behaviors of the poor. Temptation goods are defined to be the set of goods that generate positive utility for the self …

an objective function that may be household expected utility. We show how to derive a target criterion that is: (i …-setting, in which the objective of policy is to maximize household expected utility …

The possibility that individuals may derive utility from the mere fact of holding wealth has long been recognized. A … simple intertemporal model featuring utility from accumulation is used here to examine consumption and savings, the choice … utility from accumulation helps to explain a number of empirical regularities that otherwise seem inconsistent with optimizing …

expected utility paradigm in decision making substantially underestimates society's willingness to pay to reduce risk in small …Are individuals expected utility maximizers? This question represents much more than academic curiosity. In a normative … utility maximization paradigm literally the only game in town. In this study, we advance the literature by exploring CEO …