A number of authors have suggested that investors derive utility from realizing gains and losses on assets that they … own. We present a model of this "realization utility," analyze its predictions, and show that it can shed light on a …

axiomatic foundations for the structure of the utility function and study optimal consumption in a dynamic model. The model …

and the potential increments over it are evaluated by subjective expected utility with a risky utility function u. In … contrast to earlier approaches with models that aimed at separating riskless and risky utility, CT does not violate basic … irregularities like the expected utility paradoxes of Allais and Rabin, CT also separates risk attitude in the strong sense from …

The quasi-linear quadratic utility model is widely used in economics. The knowledge of its exact origin is less …

The quasi-linear quadratic utility model is widely used in economics. The knowledge of its exact origin is less …