| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w2717 |
| 来源ID | Working Paper 2717 |
| An Empirical Assessment of Alternative Models of Risky Decision Making | |
| Joanna R. Baker; Pamela K. Lattimore; Ann D. Witte | |
| 发表日期 | 1988-09-01 |
| 出版年 | 1988 |
| 语种 | 英语 |
| 摘要 | In this paper, we assess the degree to which four of the most commonly used models of risky decision making can explain the choices individuals make when faced with risky prospects. To make this assessment, we use experimental evidence for two random samples of young adults. Using a robust, nonlinear least squares procedure, we estimate a model that is general enough to approximate Kahnenman and Tversky's prospect theory and that for certain parametric values will yield the expected utility model, a subjective expected utility model and a probability-transform model. We find that the four models considered explain the decision-making behavior of the majority of our subjects. Surprisingly, we find that the choice behavior of the largest number of subjects is consistent with a probability-transform model. Such models have only been developed recently and have not been used in applied settings. We find least support for the expected utility model -- the most widely used model of risky decision making. |
| 主题 | Other |
| URL | https://www.nber.org/papers/w2717 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/559979 |
| 推荐引用方式 GB/T 7714 | Joanna R. Baker,Pamela K. Lattimore,Ann D. Witte. An Empirical Assessment of Alternative Models of Risky Decision Making. 1988. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w2717.pdf（236KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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