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Journals and Conferences
This paper studies life-cycle preferences over consumption and health status. We show that cost-effectiveness analysis is consistent with cost-benefit analysis if the lifetime utility function is… (More)
The response of risk-averse decision-makers with expected-utility preferences to the addition of independent background risk has been the subject of a substantial literature. Important contributions… (More)
Dichotomous choice (referendum) contingent valuation questions have gained popularity over the last several years due to their purported advantages for avoiding many of the biases known to be… (More)
In a stochastic decision environment, di¤erences in information can lead rational decision makers facing the same stochastic technology and the same markets to make di¤erent production choices. E¢… (More)
I thank Nancy Wallace and three anonymous referees for helpful comments and criticism.
Recently, a number of generalizations of the Expected Utility (EU) model have been proposed. In order to make such generalizations useful, it is necessary that they should yield sharp comparative… (More)
In a recent paper, Hoehn and Randall have argued that, because of a failure to take into account interactions between programs, 'too many proposals pass the benefit cost test'. In this note it is… (More)
Over the past fteen years, the theory of choice under uncertainty has undergone radical change. The pivotal contribution was Machinaas (1982) demonstration that a large class of preferences could be… (More)
Battaglio, Kagel and Jiranyakul use experimental tests to compare rank-dependent expected utility (RDEU), regret theory, prospect theory and Machina's generalized smooth preferences model. They… (More)
We thank Nancy Wallace for helpful comments and criticism.