This paper discusses the discounted utility (DU) model: its historical development,
underlying assumptions, and “anomalies”-the empirical regularities that are inconsistent with …

This article reviews recent developments in the economic theory of individual decision
making under risk. Since the 1950s it has been known that individual choices violate the …

This article proposes contemporary best-practice recommendations for stated preference
(SP) studies used to inform decision making, grounded in the accumulated body of peer …

" In this book, Keith Stanovich attempts to resolve the Great Rationality Debate in cognitive
science-the debate about how much irrationality to ascribe to human cognition. Stanovich …

The concept of ecosystems services has become an important model for linking the
functioning of ecosystems to human welfare. Understanding this link is critical for a wide …

We develop a model of reference-dependent preferences and loss aversion where “gain-
loss utility” is derived from standard “consumption utility” and the reference point is …

In this article, the authors examine how consumer choice between hedonic and utilitarian
goods is influenced by the nature of the decision task. Building on research on elaboration …

1. The foundations of economic valuation 1.1 The uses of economic valuation 1.2 The nature
of economic valuation and economic efficiency 1.3 Economic valuation and other values 1.4 …

Subjects in a laboratory experiment completed the Zuckerman Sensation-Seeking Scale
(SSS) then chose among five alternative gambles with substantial financial stakes. The …

This study examines individual behavior in two well-functioning marketplaces to investigate
whether market experience eliminates the endowment effect. Field evidence from both …