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 "realization utility," analyze its predictions, and show that it can shed light on a …

feature parallel demand curves. Specifically, we show that in random utility models, inverse aggregate demand curves shift in … parallel with respect to variety if and only if the random utility shocks follow the Gumbel distribution. Using results from …

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 …

. Separability conditions facilitate identification of consumer marginal utility and firm marginal product functions. We also …

Habit utility has been the focus of a large and growing body of literature in financial economics. This study …

utility.' In the inward-looking' economy, individuals care about how their consumption in the current period compares to their … case will lead to lower utility than in the inward-looking case …

expected utility models. Households' deductible choices imply a median relative risk aversion of 108. Households' coverage …. Assessing rank dependent utility models, we find that households follow two tenets of prospect theory: overestimation of small …

the Kahneman-Tversky choice experiments for expected utility theory. We suggest anomalies can extract theoretical insights … observe violations of the theory. As an illustration, we generate anomalies for expected utility theory using a large … procedures recover known anomalies and discover new ones for expected utility theory. In incentivized experiments, subjects …