A revealed preference characterization of discounted expected utility with concave utility is derived, providing a nonparametric test that rejects the model on nearly all cases in an experimental dataset even when payments involve risk.
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Discounted Expected Utility: A Revealed Preference Analysis
A revealed preference characterization of discounted expected utility with concave utility is derived, providing a nonparametric test that rejects the model on nearly all cases in an experimental dataset even when payments involve risk.