Revealed preference and choice under uncertainty
نویسندگان
چکیده
منابع مشابه
Preference and Belief: Ambiguity and Competence in Choice under Uncertainty
We investigate the relation between judgments of probability and preferences between bets. A series of experiments provides support for the competence hypothesis that people prefer betting on their own judgment over an equiprobable chance event when they consider themselves knowledgeable, but not otherwise. They even pay a signilicant premium to bet on their judgments. These data cannot be expl...
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With complete information, choice of one option over another conveys preference. Yet when search is incomplete, this is not necessarily the case. It may instead reflect unawareness that a superior alternative was available. To separate these phenomena, we consider nonstandard data on the evolution of provisional choices with contemplation time. We characterize precisely when the resulting data ...
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Revealed preference of the weighted utility theory of Chew (1983) is investigated in the same set-up as Green and Osband (1991) for expected utility theory; the structure of the partition of the state simplex according to the chosen act is examined. It is shown that the boundary between two partition elements generated by a weighted utility is the solution set to a quadratic equation. Moreover,...
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This thesis presents and analyzes the result of experiments including small decision problems. In the experiments, subjects are asked to choose one of two alternatives for a few thousand times. Two experiments are conducted. First experiment, where payoff structure is clearly told, is carried out in order to explore choice under uncertainty by examining whether expected utility theory holds or ...
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ژورنال
عنوان ژورنال: SERIEs
سال: 2011
ISSN: 1869-4187,1869-4195
DOI: 10.1007/s13209-011-0044-9