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Valuing life: experimental evidence using sensitivity to rare events
Chanel, Olivier; Chichilnisky, Graciela - HAL - 2011
consequences. By properly assessing the outcomes involved - especially those concerning human life - economic theory of choice … under uncertainty is expected to help people take the best decision. However, the widely used expected utility theory values …
Persistent link: https://www.econbiz.de/10009645480
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Valuing life: Experimental evidence using sensitivity to rare events
Chanel, Olivier; Chichilnisky, Graciela - In: Ecological Economics 85 (2013) C, pp. 198-205
consequences. By properly assessing the outcomes involved – especially those concerning human life – economic theory of choice … under uncertainty is expected to help people take the best decision. However, the widely used expected utility theory values …
Persistent link: https://www.econbiz.de/10010608174
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Reverse Common Ratio Effect
Blavatskyy, Pavlo R. - Institut für Volkswirtschaftslehre, … - 2010
The results of a new experimental study reveal highly systematic violations of expected utility theory. The pattern of … decision theories— stochastic expected utility theory (Blavatskyy, 2007) and perceived relative argument model (Loomes, 2008 …
Persistent link: https://www.econbiz.de/10008625739
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Reverse common ratio effect
Blavatskyy, Pavlo - In: Journal of Risk and Uncertainty 40 (2010) 3, pp. 219-241
Persistent link: https://www.econbiz.de/10008596818
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The Attitude Toward Probabilities of Portfolio Managers : an Experimental Study
Roux, Nicolas - HAL - 2008
This paper proposes an experiment about the attitude toward probabilities on a population of portfolio managers. Its …
Persistent link: https://www.econbiz.de/10010738619
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Strong One-Switch Utility
Bell, David E.; Fishburn, Peter C. - In: Management Science 47 (2001) 4, pp. 601-604
The linear plus exponential utility function has received increasing attention of late as a particularly attractive family for evaluating additive gambles for wealth. In addition to its ability to reflect increasing appreciation for money, risk aversion, and decreasing risk aversion, it is...
Persistent link: https://www.econbiz.de/10009197823
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Teams Take the Better Risks
Kuon, Bettina; Sadrieh, Abdolkarim; Mathauschek, Barbara - University of Bonn, Germany - 1999
principles of <i>Expected Utility Theory</i> (EUT) and of <i>Portfolio Selection Theory</i> (PST). The experiment is performed … results of our experiment are well explained by the excess-risk vetoing. …
Persistent link: https://www.econbiz.de/10004968234
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The attitude toward probabilities of portfolio managers : an experimental study.
Roux, Nicolas - Centre d'Économie de la Sorbonne, Université Paris 1 … - 2008
This paper proposes an experiment about the attitude toward probabilities on a population of portfolio managers. Its …
Persistent link: https://www.econbiz.de/10005696763
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Does Repetition Improve Consistency?
Hey, John - In: Experimental Economics 4 (2001) 1, pp. 5-54
Much experimental effort has been expended in attempts to establish the relative superiority of Expected Utility theory … difficult to identify the ‘best’ description of such behaviour. This paper reports on an experiment which seeks to determine …€˜best’ theory emerges as a result of such repetition. We find that for some subjects this does indeed appear to be the case, while …
Persistent link: https://www.econbiz.de/10005809914
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Is There a Development Gap in Rationality?
Cappelen, Alexander W.; Kariv, Shachar; Sørensen, Erik Ø. - Institutt for samfunnsøkonomi, Norges Handelshøyskole … - 2014
We report an experimental test of the four touchstones of rationality in choice under risk – utility maximization, stochastic dominance, expected-utility maximization and small-stakes risk neutrality – with students from one of the best universities in the United States and one of the best...
Persistent link: https://www.econbiz.de/10010818866