Investigation to Stochastic Preference Theory Using Exeprimental Data

Enrica Carbone ()

University of East Anglia Discussion Papers in Economics from School of Economics, University of East Anglia, Norwich, UK.

Abstract: This paper investigates the relative empirical performance of 3 stories of error' in decision-making experiments - finding that the constant-error-probability story does not fit particularly well, but that the white-noise and stochastic preference stories perform considerably better. The paper concludes by suggesting ways of testing between these two

Keywords: DECISION MAKING; RISK; STOCHASTIC MODELS (search for similar items in EconPapers)
JEL-codes: C25 C91 D81 (search for similar items in EconPapers)
Pages: 19 pages
Date: 1997
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Citations: View citations in EconPapers (8)

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