We address how recursive utility affects important results in the theory of economics of uncertainty and time, as … standard theory are less puzzling with recursive utility, even if this type of preference representation seems close to the … standard one at first sight. The basic difference is that recursive utility allows a form of separation of consumption …

representation are provided along with a recursive formulation of intertemporal utility. This allows for tractable and consistent …

This paper examines the effects of alternative assumptions regarding the curvature of utility upon estimated discount … the Holt and Laury method for risk. The results demonstrate that utility elicited directly from choice over time is … significantly concave, but far closer to linear than utility elicited under risk. As a result, the effect of adjusting discount …