Resolving inconsistencies in utility measurement under risk: Tests of generalizations of expected utility
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- dc.contributor.author Bleichrodt, Hanca
- dc.contributor.author Abellán Perpiñán, José Maríaca
- dc.contributor.author Pinto, José Luisca
- dc.contributor.author Méndez-Martínez, Ildefonsoca
- dc.contributor.other Universitat Pompeu Fabra. Departament d'Economia i Empresa
- dc.date.accessioned 2017-07-26T10:50:54Z
- dc.date.available 2017-07-26T10:50:54Z
- dc.date.issued 2005-01-01
- dc.date.modified 2017-07-23T02:08:56Z
- dc.description.abstract This paper explores biases in the elicitation of utilities under risk and the contribution that generalizations of expected utility can make to the resolution of these biases. We used five methods to measure utilities under risk and found clear violations of expected utility. Of the theories studies, prospect theory was most consistent with our data. The main improvement of prospect theory over expected utility was in comparisons between a riskless and a risky prospect(riskless-risk methods). We observed no improvement over expected utility in comparisons between two risky prospects (risk-risk methods). An explanation why we found no improvement of prospect theory over expected utility in risk-risk methods may be that there was less overweighting of small probabilities in our study than has commonly been observed.
- dc.format.mimetype application/pdfca
- dc.identifier https://econ-papers.upf.edu/ca/paper.php?id=798
- dc.identifier.uri http://hdl.handle.net/10230/1222
- dc.language.iso eng
- dc.relation.ispartofseries Economics and Business Working Papers Series; 798
- dc.rights L'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commons
- dc.rights.accessRights info:eu-repo/semantics/openAccess
- dc.rights.uri http://creativecommons.org/licenses/by-nc-nd/3.0/es/
- dc.subject.keyword utility measurement
- dc.subject.keyword nonexpected utility
- dc.subject.keyword prospect theory
- dc.subject.keyword health.
- dc.subject.keyword leex
- dc.subject.keyword Behavioral and Experimental Economics
- dc.subject.keyword Labour, Public, Development and Health Economics
- dc.title Resolving inconsistencies in utility measurement under risk: Tests of generalizations of expected utilityca
- dc.type info:eu-repo/semantics/workingPaper