Some consumption opportunities are both indivisible and only valuable in particular tates of nature. The existence of … such state-dependent indivisible consumption opportunities influences a person’s risk attitudes. In general, people are not … risk averse anymore even if utility from divisible consumption is concave. I propose a definition of insurance in the …

Some consumption opportunities, e.g. medical treatments, are both indivisible and only valuable in particular states of … nature. The existence of such state-dependent indivisible consumption opportunities influences a person's risk attitudes. In … general, people are not risk averse anymore even if utility from divisible consumption is concave. I propose a definition of …

survey data on income to estimate coefficients of relative risk aversion using expected-utility of consumption. Assuming …

This article examines the potential risks on consumption behavior of lumpsum payments. As a pension, lump-sum payments … could be consumed too fast and generate an increase of poverty rates. We experimentally investigate consumption behavior in … an inter-temporal decision-making setting. Subjects make consumption and saving decisions in an environment with two …