Journal article
Which decision theory?
Economics Letters, Vol.120(1), pp.40-44
2013
Abstract
A new laboratory experiment is designed to identify the best theories for describing decisions under risk. The experimental design has two noteworthy features: a representative sample of binary choice problems (for fair comparison across theories) and a lottery set with a small number of outcomes and probabilities (for ease of non-parametric estimation). We find that a simple heuristic, rank-dependent utility and expected utility theory provide the best goodness of fit.
Details
- Title
- Which decision theory?
- Authors/Creators
- P. Blavatskyy (Author/Creator) - Gramart strasse 153, 6020 Innsbruck, Austria
- Publication Details
- Economics Letters, Vol.120(1), pp.40-44
- Publisher
- Elsevier
- Identifiers
- 991005543326707891
- Copyright
- © 2013 Elsevier B.V.
- Murdoch Affiliation
- Murdoch University
- Language
- English
- Resource Type
- Journal article
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- Citation topics
- 6 Social Sciences
- 6.122 Economic Theory
- 6.122.1287 Risk Preferences
- Web Of Science research areas
- Economics
- ESI research areas
- Economics & Business