Testing Theories of Choice Under Risk: Estimation of Individual Functionals

Serge Blondel

Journal of Risk and Uncertainty, 2002, vol. 24, issue 3, 265 pages

Abstract: The method introduced here allows us to use a data set with a non-restricted number of outcomes, here 21. Hence, our method complements the other ones developed in the domain of the probability triangle. Individual parameters are estimated for expected utility and various non-expected utility theories. We use CRRA and CARA utility functions, both without and with the assumption of weakly concavity. Rank-dependent utility, prospective reference and cognitive consistency theories emerge from the others. Copyright Kluwer Academic Publishers 2002

Keywords: experiments; individual functionals; non-expected utility (search for similar items in EconPapers)
Date: 2002
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Citations: View citations in EconPapers (10)

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DOI: 10.1023/A:1015687502895

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