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 … that both our CEO and student subject pools exhibit frequent and large departures from expected utility theory. In addition …

exists a utility function that the choices maximize. We conduct a large-scale field experiment that enables us to test … subjects' choices for consistency with utility maximization and to combine the experimental data with a wide range of … consistent than women, and young subjects are more consistent than older subjects. We also find that consistency with utility …

We develop a demographically-based approach for estimating the utility discount rate (UDR) portion of the Ramsey rule …

experiment, counterfactual simulations show that sector neutral productivity growth, which generates shifts in consumption … the skill premium of more than 10%. In a second experiment, we show that trade cost reductions generate quantitatively …

-separable utility functions …

such demand systems are integrable, i.e. can be derived from the maximization of a well-behaved utility function. This …

wealth into the utility function; the justification is that wealth is a marker of social status, and people value status …. Since people partly save to accrue social status, the Euler equation is modified. As a result, when the marginal utility of …