reports on direct measures of preference parameters relating to risk tolerance, time preference, and intertemporal … of preference parameters display substantial heterogeneity. The majority of respondents fall into the least risk …-tolerant group, but a substantial minority display higher risk tolerance. The individual measures of intertemporal substitution and …

In this paper, we assess the degree to which four of the most commonly used models of risky decision making can explain … utility model, a subjective expected utility model and a probability-transform model. We find that the four models considered … explain the decision-making behavior of the majority of our subjects. Surprisingly, we find that the choice behavior of the …

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 …

Panel on Climate Change (IPCC) narrowed it to 2-4.5°C, only to reverse its decision in 2013, reinstating the prior range. In …We interpret the implications of the 2013 IPCC decision to lower the bottom of the range and excise a best estimate …

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 … risk-taking behavior of the poor, which would not arise if temptations were either non-declining or entirely absent …

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 …