How are substitution in the spatial and in the temporal sense connected? Can estimates based on data with spatial variation be transmitted into values appropriate for exploring temporal variation, and vice versa? This paper, building on, inter alia, Frisch (1959), attempts to give some...

Hypothetical questions were used with 252 students at two universities to elicit values of relative risk aversion and of the elasticity of marginal utility with respect to consumption. Conceptually, the magnitude of these two utility function parameters are plausibly similar, but there was not a...

We reformulate neoclassical consumer choice by focusing on γ, the marginal utility of money. As the opportunity cost of current expenditure, γ is approximated by the slope of the indirect utility function of the continuation. We argue that γ can largely supplant the role of an arbitrary...