Umfang:
1 Online-Ressource (265 Seiten)
Ausgabe:
1st ed
ISBN:
9781837972685
Serie:
Research in Experimental Economics Series v.22
Inhalt:
Models of Risk Preferencescollects studies that critically review alternatives to Expected Utility Theory from the perspective of experimental economics
Anmerkung:
Description based on publisher supplied metadata and other sources
,
Intro -- Half Title Page -- Series Editors Page -- Title Page -- Copyright Page -- Contents -- About the Editors -- List of Contributors -- Introduction -- References -- Chapter 1: Behavioral Welfare Economics and the Quantitative Intentional Stance -- 1. The Descriptive Evidence, as We See it -- 1.1 Theoretical Context -- 1.2 Experimental Evidence -- 2. Methodologies of Behavioral Welfare Economics from Economists -- 2.1 Nudges and Boosts -- 2.2 Randomized Evaluations in Search of "What Works" -- 2.3 Behavioral Welfare Analysis Using "Frames" -- 2.4 Identifying the Inner Utility Function -- 2.5 Modeling Mistakes -- 2.6 Reduced Form Inferences -- 3. Behavioral Welfare Economics with the QIS -- 3.1 The Intentional Stance -- 3.2 An Illustrative Application -- 3.3 Issues in the Application of the QIS -- 3.3.1 Is Rationality Being Assumed? -- 3.3.2 Are We Assuming Some True Risk Preference? -- 3.3.3 Are We Assuming Stable Risk Preference? -- 3.3.4 What About Source-dependent Risk Preference? -- 3.3.5 But Can't I Just See What Works? -- 3.3.6 How Much Structure Is Needed? -- 3.3.7 Why Just EUT and RDU? -- 3.3.8 Why Ignore Loss Aversion? -- 3.3.9 But There Is No Single, Correct Way to Elicit Risk Preferences -- 3.3.10 What About Subjective Probabilities? -- 3.3.11 What About Social Welfare? -- 4. Distinguishing Welfare from Well-being -- 4.1 Well-being and Reflective Rationality -- 4.2 Paternalism -- 5. Conclusions -- References -- Chapter 2: Unusual Estimates of Probability Weighting Functions -- 1. Preliminaries -- 2. The Probabilistic Choice Models -- 3. Estimation -- 4. Some Monte Carlo Results -- 5. Results of the First Experiment -- 6. First Discussion -- 7. Design of the Second Experiment -- 8. Results of the Second Experiment -- 9. Second Discussion -- 10. Design of the Third Experiment -- 11. Results of Experiment Three -- 12. Conclusions
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References -- Appendix 1: Background on the Three Probabilistic Choice Models -- Appendix 2: Estimation Notes -- Appendix 3: First Experiment Protocol Explanation and Instructions to Subjects -- Instructions (First Experiment Only) -- Some questions for a break -- Chapter 3: Cumulative Prospect Theory in the Laboratory: A Reconsideration -- 1. Experiment -- 2. Theoretical Models -- 2.1 Expected Utility Theory -- 2.2 Rank-dependent Utility -- 2.3 Dual Theory -- 2.4 Disappointment Aversion -- 2.5 Cumulative Prospect Theory -- 3. Estimates -- 3.1 Estimates for the Representative Agent -- 3.2 Hypothesis Tests to Discriminate Between Models -- 4. Previous Literature -- 5. Limitations and Extensions -- 5.1 Theoretical Issues -- 5.1.1 The Reference Point -- 5.1.2 Asset Integration -- 5.1.3 Rank-dependent Probability Weighting -- 5.2 Experimental Procedures -- 5.2.1 Earned Endowments -- 5.2.2 Alternative Elicitation Methods -- 5.3 Econometric Issues -- 5.3.1 "Second Best" Econometrics -- 6. Conclusions -- References -- Appendix A: Parameters of Experiments -- Appendix B: Numerical Examples of Decision Weights -- B.1 Rank-dependent Decision Weights -- B.2 Cumulative Prospect Theory Decision Weights -- B.2.1 Loss-frame Decision Weights -- B.2.2 Mixed-frame Decision Weights -- Chapter 4: Temporal Stability of Cumulative Prospect Theory -- 1. Introduction -- 2. Data -- 3. Structural Estimation of Risk Preferences -- 3.1 Baseline EUT Specification -- 3.2 Extension to CPT -- 4. Results -- 4.1 Temporal Stability of Risk Attitudes Under CPT -- 4.2 CPT Without Sign-dependent Parameters -- 4.3 EUT Specification -- 4.4 Comparison to Previous Literature -- 5. Conclusions -- References -- Chapter 5: The Welfare Consequences of Individual-level Risk Preference Estimation -- 1 Introduction -- 2 Models of Choice Under Risk and Consumer Surplus
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2.1 Consumer Surplus Calculation -- 3 Simulation Process -- 4 Consumer Surplus at the Individual Level -- 4.1 EUT Subjects -- 4.2 RDU Agents -- 5 Welfare Cost in a Hypothetical Sample -- 5.1 Improving Normative Inference by Discarding Descriptive Inference -- 6 Discussion -- References -- Appendix A: Power Plots -- Appendix B: Potential and Actual ECS.
Weitere Ausg.:
Erscheint auch als Druck-Ausgabe Harrison, Glenn W. Models of Risk Preferences Bingley : Emerald Publishing Limited,c2023 ISBN 9781837972692
Sprache:
Englisch
Fachgebiete:
Wirtschaftswissenschaften
Schlagwort(e):
Verhaltensökonomie
;
Entscheidung bei Risiko
;
Entscheidungsmodell
;
Risikoverhalten
;
Experimentelle Wirtschaftsforschung
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