Using Hicksian Surplus Measures to Examine Consistency of Individual Preferences: Evidence from a Field Experiment
AbstractThis paper pits neoclassical theory against prospect theory by investigating several clean tests of the competing hypotheses. Consistent with previous work, the field experimental data suggest that prospect theory adequately organizes behavior among inexperienced consumers, whereas consumers with intense market experience behave largely in accordance with neoclassical predictions. The data indicate that the convergence in values occurs entirely because of lower Hicksian equivalent surplus values. Copyright The editors of the "Scandinavian Journal of Economics", 2006 .
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Bibliographic InfoArticle provided by Wiley Blackwell in its journal The Scandinavian Journal of Economics.
Volume (Year): 108 (2006)
Issue (Month): 1 (03)
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Web page: http://onlinelibrary.wiley.com/journal/10.1111/(ISSN)1467-9442
Other versions of this item:
- John List, 2006. "Using hicksian surplus measures to examine consistency of individual preferences: Evidence from a field experiment," Framed Field Experiments 00177, The Field Experiments Website.
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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