ability”, such as poor education, unemployment, and little financial sophistication. Based on prospective reference theory, we …

estimation approach. The behavioral models used for structural estimation are based on expected utility theory (EUT), prospect … theory (PT) and model parameters. The superiority of the models is also examined. The results of the structural estimations … collective risk preferences, 4) the switching phenomena that occur during Holt and Laury's experiment with lottery pairs can be …

We report results from an experiment that contrasts preferences toward the risk of what may happen (outcome risk …

We report on a laboratory experiment testing for the presence of loss aversion, as separate from risk aversion …

choice elicitation methods for financial decisions. Our results continue to hold in an incentivized laboratory experiment. We …

Recent health policy reforms try to increase consumer choice. We use a laboratory experiment to analyze consumers … elicit individual risk preferences according to Cumulative Prospect Theory. Applying a latent class model to the choice data …

This paper presents a new descriptive theory for decision making under risk, called adapting theory, which deals with … function of payoffs, our theory provides a novel and unified account of many empirical phenomena. Our theory also yields new … predictions, including some that distinguish it from prospect theory and the salience theory. At the same time, our theory can be …