A testable form of the utility hypothesis results from identifying necessary condition(s) for the existence of a … utility function that rationalizes the price and quantity data, meaning a utility function that correctly predicts choices … that do not violate an agent's budget constraint. Possible inconsistencies with utility-maximizing choices are of no clear …

This paper investigates the role of the outside good utility function on admissible substitution patterns in multiple … utility functions. We then propose a new outside good utility function that admits more flexible marginal utility curves. Our …-standard rates of satiation for the outside good. We then show how the restrictive substitution patterns induced by standard utility …

models of ambiguity aversion and expected utility models with endogenous discounting, which, as has been observed in both …

utility functions are not concave-shaped but S-shaped. We justify the S shape using consumption-based asset pricing. We show … that various consumption-based asset pricing puzzles arise from the global concavity of the utility functions, and the S …-shaped consumption utility offers a solution. Also, the S-shaped utility helps explain the low elasticity of intertemporal substitution …