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One of the most well-known models of non-expected utility is Gul (1991)'s model of Disappointment Aversion. This model, however, is defined implicitly, as the solution to a functional equation; its explicit utility representation is unknown, which may limit its applicability. We show that an...
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shares specified are often based on focal points or historical norms, and seem excessively uniform given large and observable … that contractual norms have measurable effects on factor returns. I find that tenants on higher-quality farmland capture a …
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