the current level of consumption. The kinks in the curves imply that the utility function is not differentiable everywhere …

introduces health-dependent utility into a model in which preferences for bequests, expenditures when in need of long-term care …

paper, we argue that a stable utility function defined over consumption and leisure can account for this fact, jointly with … displaying balanced growth. The key feature of the utility function is an income effect (of higher wages) that slightly outweighs …

-separable utility functions …

Panel on Climate Change (IPCC) narrowed it to 2-4.5°C, only to reverse its decision in 2013, reinstating the prior range. In … IPCC decision to lower the bottom of the range and excise a best estimate. Intuitively, it might seem that a lower bottom …

robust violations of discounted expected utility, inconsistent with both prospect theory probability weighting and models …Risk and time are intertwined. The present is known while the future is inherently risky. Discounted expected utility …

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

-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 …