Decisions, Error and Heterogeneity

T. Ballinger () and Nathaniel Wilcox

Economic Journal, 1997, vol. 107, issue 443, 1090-1105

Abstract: Probabilistic choices or 'choice errors' may play in important supporting role in shaping observed risky choices, and a variety of restrictions on such choice probabilities play the role of identifying restrictions in empirical decision research. The authors test six restrictions in the context of common ratio effect data for a general class of theories of risky choice. Two restrictions, one for aggregate and one for individual data, are supported. But none of the heterogeneity restrictions that make the aggregate data model powerful survive scrutiny; nor do estimable parametric versions of the individual data model. There is room for new stochastic identifying restrictions in empirical decision research. Copyright 1997 by Royal Economic Society.

Date: 1997
References: Add references at CitEc
Citations: View citations in EconPapers (115)

Downloads: (external link)
http://links.jstor.org/sici?sici=0013-0133%2819970 ... 0.CO%3B2-O&origin=bc full text (application/pdf)
Access to full text is restricted to JSTOR subscribers. See http://www.jstor.org for details.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ecj:econjl:v:107:y:1997:i:443:p:1090-1105

Ordering information: This journal article can be ordered from
http://www.blackwell ... al.asp?ref=0013-0133

Access Statistics for this article

Economic Journal is currently edited by Martin Cripps, Steve Machin, Woulter den Haan, Andrea Galeotti, Rachel Griffith and Frederic Vermeulen

More articles in Economic Journal from Royal Economic Society Contact information at EDIRC.
Bibliographic data for series maintained by Wiley-Blackwell Digital Licensing () and Christopher F. Baum ().