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 …

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 …

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 …

There is convincing experimental evidence that Expected Utility fails, but when does it fail, how severely, and for … Expected Utility performs well away from certainty, but fails near certainty for about 40% of subjects. Comparing non …-Expected Utility theories, we strongly reject Prospect Theory probability weighting, we support disappointment aversion if amended to …

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 …

people who choose to participate in a risk-taking activity, we find strong evidence of an economically significant omission …

expected utility (GEU) to the diversification of agents who maximize the conventional expected utility (EU). Specifically, we … derive the patterns of diversification for agents who maximize a rank-dependent' expected utility, attaching more weight to … bad' than to good' outcomes, in contrast to the probability weights used in a conventional expected utility maximization …

-pecuniary component of utility associated with each choice alternative. Previous work has found that, without parametric restrictions or …-pecuniary component of utility associated with each choice alternative. We develop nonparametric estimators corresponding to two …