the effect of such errors on the inferred utility and probability weighting functions. Under mild assumptions, the …-stage procedure. First, a probability is elicited whose subjective weight is one half. Second, an individual's utility function is …Elicitation methods in decision making under risk allow a researcher to infer the subjective utilities of outcomes as …

A new model of intertemporal choice — "discounted incremental utility" (DIU) — is presented. DIU coincides with … Samuelson's discounted utility (constant/exponential discounting) when utility function is linear. DIU has several advantages … over discounted utility (and its generalizations — quasi-hyperbolic and generalized hyperbolic discounting): a) time …

Geometric utility theory is proposed for modeling decision making under risk and uncertainty. If a decision maker … they admit a geometric utility representation. Geometric utility resembles a Cobb-Douglas production function with constant … returns to scale. Geometric utility is unique up to a multiplication by a positive constant and exponentiation by a positive …

received in an uncertain future. "Discounted incremental utility" (DIU) model of intertemporal choice parallels expected … utility representation of risk preferences. DIU coincides with Samuelson's discounted utility (constant …/exponential discounting) when utility function is linear. DIU has several advantages over discounted utility (and its generalizations — quasi …