Testing expectation theories of decision making without measuring utility or subjective probability
نویسندگان
چکیده
منابع مشابه
Testing theories of financial decision making.
We describe the observable content of some of the most widely used models of decision under uncertainty: models of translation invariant preferences. In particular, we characterize the models of variational, maxmin, constant absolute risk aversion, and constant relative risk aversion utilities. In each case we present a revealed preference axiom that is satisfied by a dataset if and only if the...
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Whereas some people regard models of risky decision making as if they were statistical summaries of data collected for some other purpose, I think of models as theories that can be tested by experiments. I argue that comparing theories by means of global indices of fit is not a fruitful way to evaluate theories of risky decision making. I argue instead for experimental science. That is, test cr...
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ژورنال
عنوان ژورنال: Journal of Mathematical Psychology
سال: 1967
ISSN: 0022-2496
DOI: 10.1016/0022-2496(67)90042-9