Decision Making under Uncertainty: An Experimental Study in Market Settings

• Tác giả: Federico Echenique, Taisuke Imai, Kota Saito
• Ngôn ngữ: eng
• Ký hiệu phân loại: 003.56 Decision theory
• Thông tin xuất bản: 2019
• Bộ sưu tập: Metadata
• ID: 163563

Tóm tắt

We implement nonparametric revealed-preference tests of subjective expected utility theory and its generalizations. We find that a majority of subjects' choices are consistent with the maximization of some utility function. They respond to price changes in the direction subjective expected utility theory predicts, but not to a degree that makes them consistent with the theory. Maxmin expected utility a dds no explanatory power. The degree of deviations from the theory is uncorrelated with demographic characteristics. Our findings are essentially the same in laboratory data with a student population and in a panel survey with a general sample of the U.S. population.