form obtains if relative choice probabilities are independent of irrelevant alternatives and invariant to utility …

equilibrium. A majority of these applications exploit two decision-theoretic properties not shared by the standard model of … intertemporal choice: (i) agents care about the intertemporal distribution of risk and (ii) rates of time preference, rather than … a repeated strategic interaction. Specifically, we identify novel opportunities for the players to manage risk and trade …

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