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Chance theory : a separation of riskless and risky utility

Schmidt, Ulrich; Zank, Horst - 2013

and the potential increments over it are evaluated by subjective expected utility with a risky utility function u. In … contrast to earlier approaches with models that aimed at separating riskless and risky utility, CT does not violate basic … irregularities like the expected utility paradoxes of Allais and Rabin, CT also separates risk attitude in the strong sense from …

Persistent link: https://www.econbiz.de/10010202765

Common consequence effects with pricing data

Schmidt, Ulrich; Trautmann, Stefan T. - 2010

This paper presents an experimental study analyzing common consequence effects with binary choice, willingness-to-pay (WTP), and willingness-to-accept (WTA). Consistent with previous research we do not find clearcut evidence of fanning out in the absence of certainty effects. Violation rates of...

Persistent link: https://www.econbiz.de/10003950279

Endogenizing prospect theory’s reference point

Schmidt, Ulrich; Zank, Horst - 2010

In previous models of (cumulative) prospect theory reference-dependence of preferences is imposed beforehand and the location of the reference point is exogenously determined. This note provides a foundation of prospect theory, where reference-dependence is derived from preference conditions and...

Persistent link: https://www.econbiz.de/10003950287

Testing independence conditions in the presence of errors and splitting effects

Birnbaum, Michael H.; Schmidt, Ulrich; Schneider, Miriam D. - 2010

This paper presents an experimental test of several independence conditions implied by expected utility and alternative …

Persistent link: https://www.econbiz.de/10003950296

Allais paradoxes can be reversed by presenting choices in canonical split form

Birnbaum, Michael H.; Schmidt, Ulrich - 2010

probabilities. Rank dependent utility and cumulative prospect theory imply that the Allais paradoxes are due to violations of …

Persistent link: https://www.econbiz.de/10003950768

Transitivity in health utility measurement : an experimental analysis

Schmidt, Ulrich (contributor); Stolpe, Michael (contributor) - 2008

behaviour, we can conclude that previously reported violations do not seem to bias health utility measurement. -- Transitivity … ; health utility ; errors …

Persistent link: https://www.econbiz.de/10003665684

An experimental investigation of violations of transitivity in choice under uncertainty

Birnbaum, Michael H. (contributor); … - 2008

Several models of choice under uncertainty imply systematic violations of transitivity of preference. Our experiments explored whether people show patterns of intransitivity predicted by these models. To distinguish "true" violations from those produced by "error," a model was fit in which each...

Persistent link: https://www.econbiz.de/10003617822

Risk preferences may be time preferences : a comment on Andreoni and Sprenger (2012)

Schmidt, Ulrich - 2014

Persistent link: https://www.econbiz.de/10010384216