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...

The theory of intertemporal choice predicts that the cross-sectional variance of the marginal utility of consumption is equal to its own lag plus a constant and a random component. Using general preference specifications and some assumptions about the nature of the random component, we provide...

This study applies broad-based measures of household consumption expenditure and a utility proxy to estimate the effect of health state on the marginal utility of consumption using the Russia Longitudinal Monitoring Survey’s panel data covering 1994-2019. To do so, I estimate how an observed...