utility of attending school and the wage regression function are estimated flexibly. The null hypothesis that the local …

-population mostly affected by a counterfactual change in the utility of attending school is composed of individuals who have any … combination of some of the following attributes: absolute advantages in the labor market, high returns to experience, low utility …

The paper explores utility measures by combining experiments with mathematical derivations in the psychophysics … paradigm. The analysis on the ultimatum game experiment reveals evidences for the utility threshold and thus supports Bernoulli …'s utility logarithmic law. Both experimental results and theoretical derivations show that the logarithmic law is suitable for …

This paper relates recursive utility in continuous time to its discrete-time origins and provides a rigorous and … intuitive alternative to a heuristic approach presented in [Duffie, Epstein 1992], who formally define recursive utility in … continuous time via backward stochastic differential equations (stochastic differential utility). Furthermore, we show that the …

observable states of the system, to be determined optimally via stochastic control and filtering theory. Solution existence is …