Several consumer choice models account for anomalies in consumption-payment decisions. We consider four models, namely, Prelec and Loewenstein 1998 double-entry model, Thaler 1985 double-comparison model, Baucells and Hwang 2014 reference price adaptation model, and Köszegi and Rabin 2006...

We introduce range utility theory, an integrative behavioral model for uncertain cash flows. The model modifies rank dependent utility, by replacing rank principles with range principles, and extends the domain to time. For gambles played in the future, the model generalizes the probability and...