extend to distinct PWFs in the gain and loss domains, as under prospect theory …

deviation (in beliefs, utility, or perceived prices) is within e of expected utility theory. The number e can then be used as a …We propose a new measure of deviations from expected utility, given data on economic choices under risk and uncertainty … distance to the theory. We apply our methodology to three recent large-scale experiments. Many subjects in those experiments …

behavior of expected utility maximizers. Two types are characterized by high likelihood insensitivity; one of them is ambiguity …

We characterize intertemporal utility functions over heterogeneous goods that feature (i) a constant elasticity of … the goods. We find that a standard (stationary) intertemporal utility function is consistent with these two properties if … elasticities of substitution are identical, or if the instantaneous utility function is Cobb-Douglas. We also characterize the …

We show how optimal saving in a two-period model is affected when prudence and risk aversion of the underlying utility …

temperance can be fully characterized by a preference relation over these lotteries. If preferences are defined in an expected-utility … framework with differentiable utility, the direction of preference for a particular class of lottery pairs is equivalent to … signing the nth derivative of the utility function. What makes our characterization appealing is its simplicity, which seems …