In economics, the utility function measures the welfare or satisfaction of a consumer as a function of the consumption of real goods, such as food or clothing. Utility function is widely used in ...

We present a theoretical account of the origin of the shapes of utility, probability weighting, and temporal discounting functions. In an experimental test of the theory, we systematically change the ...

This paper proposes a two-step method to successively elicit utility functions and decision weights under rank-dependent expected utility theory and its "more descriptive" version: cumulative prospect ...

Andriy Blokhin has 5+ years of professional experience in public accounting, personal investing, and as a senior auditor with Ernst & Young. Erika Rasure is globally-recognized as a leading consumer ...