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.
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: D81 C91 C25 (search for similar items in EconPapers)
Pages: 19 pages
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Persistent link: https://EconPapers.repec.org/RePEc:uea:papers:9701
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