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 …

This paper concerns the prescriptive function of decision analysis. I suppose that an agent must choose an action … can be represented as maximization of expected utility. However, our agent is not concerned the consistency of his …. Hence, I reason that prescriptions for decision making should respect actuality. That is, they should promote welfare …

allocations is not rejected in models that allow more than two household members to have agency in decision-making. In contrast … decision-making within complex households.Institutional subscribers to the NBER working paper series, and residents of …

-consistent expectations. This implicitly assumes unrealistic cognitive abilities on the part of economic decision makers. The relevant … question, however, is not whether the assumption can be literally correct, but how much it would matter to model decision … problems such as chess or go, in which decision makers look ahead only a finite distance into the future, and use a value …

relatively little empirical knowledge about how it affects decision-making in specific medical contexts. Through general … conceptual discussion and consideration of a case study of leukemia chemo-therapy, this paper examines the medical decision …

We consider identification of nonparametric random utility models of multinomial choice using "micro data," i … variables assumptions, we show identifiability of the random utility model. We demonstrate robustness of these results to … relaxation of the large support condition and show that when it is replaced with a weaker "common choice probability" condition …