Discriminating between Preference Functionals: A Preliminary Monte Carlo Study
AbstractThis article is connected with recent attempts to estimate EU and Generalised EU preference functionals using (complete ranking) experimental data and maximum likelihood estimation techniques. In particular, we explore, using Monte Carlo techniques, the power of such procedures in correctly determining the true preference functional. We conclude that several of the more popular generalisations to EU are very difficult to disentangle, and that the techniques are rather poor at correctly identifying EU when it is the correct functional. Copyright 1994 by Kluwer Academic Publishers
Download InfoTo our knowledge, this item is not available for download. To find whether it is available, there are three options:
1. Check below under "Related research" whether another version of this item is available online.
2. Check on the provider's web page whether it is in fact available.
3. Perform a search for a similarly titled item that would be available.
Bibliographic InfoArticle provided by Springer in its journal Journal of Risk and Uncertainty.
Volume (Year): 8 (1994)
Issue (Month): 3 (May)
Contact details of provider:
Web page: http://www.springerlink.com/link.asp?id=100299
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- David Bruner, 2009.
"Changing the probability versus changing the reward,"
Springer, vol. 12(4), pages 367-385, December.
- David M. Bruner, 2009. "Changing the Probability versus Changing the Reward," Working Papers 09-04, Department of Economics, Appalachian State University.
- John Hey & Enrica Carbone, . "Which Error Theory is Best?," Discussion Papers 99/31, Department of Economics, University of York.
- John D. Hey, . "Comparing Theories: What are we Looking For?," Discussion Papers 99/18, Department of Economics, University of York.
- Bertrand Munier, 1995. "Méthodes expérimentales d'évaluation des théories du risque," Revue Économique, Programme National Persée, vol. 46(3), pages 939-949.
- Henry Stott, 2006. "Cumulative prospect theory's functional menagerie," Journal of Risk and Uncertainty, Springer, vol. 32(2), pages 101-130, March.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Guenther Eichhorn) or (Christopher F. Baum).
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.