This paper examines the effects of alternative assumptions regarding the curvature of utility upon estimated discount … the Holt and Laury method for risk. The results demonstrate that utility elicited directly from choice over time is … significantly concave, but far closer to linear than utility elicited under risk. As a result, the effect of adjusting discount …

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. …

allow utility values to be derived at the individual level also. The DCE presented respondents with eight pairwise risky … choices to estimate aggregate utility values for three EQ-5D health states, ranging from mild to severe. The design allowed … the elicitation of utility values for worse-than-dead states. Risk was represented using the stimulus used by EuroVaQ …

The paper reconstructs the history of the experimental attempts to measure the cardinal utility of money between 1950 … and 1985 within the framework provided by expected utility theory (EUT). It is shown that this history displays a definite … trajectory: from the confidence in EUT and the EUT-based measurement of utility of the 1950s to the skepticism that, from the mid …