We propose and analyze a generalization of present value maximization, "time-order dependent present value (TODPV)," for intertemporal income choice. The model is analagous to the rank dependent expected utility model (RDEU) for choice under risk. The main feature of interest in the model is the...

We propose and analyze a generalization of present value maximization, "order dependent present value (ODPV)," for intertemporal income choice. The model is analagous to the rank dependent expected utility model (RDEU) for choice under risk. The main feature of interest in the model is the...

Controversy exists about the act of giving as altruistic instead of self-interested behavior. Each side of this argument interprets similar results from similar experiments in different ways. One side argues the results show that the appearance of altruistic behavior can be explained by...

It is common in studies of individual choice behavior to report averages of the behavior under consideration. In the social sciences the mean is, indeed, often the quantity of interest, but at times focusing on the mean can be misleading. For example, it is well known in labor economics that...

The paper studies the role of information transparency on fairness concerns,welfare and efficiency. When the firm's productivity and ultimately profits are revealed, wage offers induce relatively fair divisions of potential gains and workers respond with higher performance. Workers respond not...