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 …

can be represented as maximization of expected utility. However, our agent is not concerned the consistency of his … dominance should be considered rational. Expected utility maximization respects dominance, but it has no special status from the …

Using implicit expected utility theory, a money metric of utility derived from playing a lottery game is developed …. Output of the lottery sector can be defined as the difference in utility with and without the game. Using a kinked parametric …

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 …

bound to discriminate among different utility functions …

A number of authors have suggested that investors derive utility from realizing gains and losses on assets that they … own. We present a model of this quot;realization utility,quot; analyze its predictions, and show that it can shed light on …