harder to find criteria how to do it. Discussions lead straight to the principles of decision making. But since all theories … summarized in a so-called "Prospect Theory". These biases are quite obvious if one compares data of affected and unaffected … people. But this theory offers, as well, a way to get results more accurate. …

-expected utility which clearly distinguishes between risk preference and time preference. The leverage approach yields the first moment … Carlo simulations. Preferences are modeled by time-additive expected utility and, alternatively, by recursive non …-expected utility. The empirical results for the period 1960 to 1994 confirm those for the U.S. and favour the use of recursive non …