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DECISION UNDER DELAY
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On the origin of utility, weighting, and discounting functions: How they get their shapes and how to change their shapes
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 shape of revealed utility, weighting, and discounting functions by manipulating the distribution of monies, probabilities, and delays in the choices used to elicit them. The...