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Varian (1988) showed that the utility maximization hypothesis cannot be falsified when only a subset of goods is … and sufficient condition for utility maximization in general, not just in the lab. Lab experiments are therefore a valid … tool to put the utility maximization hypothesis to the test. …
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We characterize optimal consumption policies in a recursive intertemporal utility framework with local substitution. We …
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utility functions are not concave-shaped but S-shaped. We justify the S shape using consumption-based asset pricing. We show … that various consumption-based asset pricing puzzles arise from the global concavity of the utility functions, and the S …-shaped consumption utility offers a solution. Also, the S-shaped utility helps explain the low elasticity of intertemporal substitution …
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