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 …

constant elasticity of intertemporal substitution is assumed but the risk-preference component of utility is restricted only by …This paper considers a representative agent model of asset prices based on a recursive utility specification. A … semiparametric recursive utility model for the one-step ahead joint probability distribution for consumption growth and asset returns …

-Expected Utility theories, we strongly reject Prospect Theory probability weighting, we support disappointment aversion if amended to …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 …

In this paper, we assess the degree to which four of the most commonly used models of risky decision making can explain … enough to approximate Kahnenman and Tversky's prospect theory and that for certain parametric values will yield the expected … utility model, a subjective expected utility model and a probability-transform model. We find that the four models considered …

In line with the fallacy of riskification of uncertainty by which decision makers believe that the effects of … markets, such as natural disasters, terrorist attacks, and financial crises--as a problem of risk management. This is … institutional theory that points to stakeholder and institutional dynamics affecting economic incentives to invest in prevention and …

afflict medical decision making, I apply basic decision theory to suggest reasonable decision criteria with well …This paper discusses how limited ability to assess patient risk of illness and predict treatment response may affect …

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 …

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 …

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

with minimal assumptions. We present a general theorem that characterizes the set of discount functions and utility indices … compatible with any 'regular' preference. We provide conditions to test for separable discounted utility (SDU). We elicit …