-expected utility (ambiguity aversion and prospect theory) objectives and characterize their market-timing, horizon effects, and hedging … importantly, in what combination. We consider investors with both expected utility (mean-variance and CRRA) and non …

recipient chooses how to allocate her time-limited endowment of benefits so as to maximize her expected lifetime utility. Not …

This paper focuses on Social Security benefit claiming behavior, a take-up decision that has been ignored in the … previous literature. Using financial calculations and simulations based on an expected utility maximization model, we show that …

-driven equilibria under general utility functions within an OLG structure. Our paper further shows that the existence of sentiment …

We present a theory of choice among lotteries in which the decision maker's attention is drawn to (precisely defined …) salient payoffs. This leads the decision maker to a context-dependent representation of lotteries in which true probabilities … are replaced by decision weights distorted in favor of salient payoffs. By endogenizing decision weights as a function of …

inconsistent with subjective expected utility theory (SEU), the standard model of choice under uncertainty in financial economics …

approximation to the expected utility of the representative household in a model of this kind is related inversely to the expected …

beyond those of expected utility theory. It is shown that the curvature of the utility function is directly related to the …