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Prospect-theory’s Diminishing Sensitivity Versus Economics’ Intrinsic Utility of Money: How the Introduction of the Euro can be Used to Disentangle the Two Empirically

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Author Info
Peter Wakker ()
Veronika Köbberling ()
Christiane Schwieren ()

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File URL: http://hdl.handle.net/10.1007/s11238-007-9040-8
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Publisher Info
Article provided by Springer in its journal Theory and Decision.

Volume (Year): 63 (2007)
Issue (Month): 3 (November)
Pages: 205-231
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Handle: RePEc:kap:theord:v:63:y:2007:i:3:p:205-231

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Related research
Keywords: utility; currency change; prospect theory; psychology of money; money illusion; relative risk aversion;

References listed on IDEAS
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  1. Fennema, Hein & van Assen, Marcel, 1998. "Measuring the Utility of Losses by Means of the Tradeoff Method," Journal of Risk and Uncertainty, Springer, vol. 17(3), pages 277-95, December. [Downloadable!] (restricted)
  2. Shafir, Eldar & Diamond, Peter & Tversky, Amos, 1997. "Money Illusion," The Quarterly Journal of Economics, MIT Press, vol. 112(2), pages 341-74, May.
  3. Cohn, Richard A, et al, 1975. "Individual Investor Risk Aversion and Investment Portfolio Composition," Journal of Finance, American Finance Association, vol. 30(2), pages 605-20, May. [Downloadable!] (restricted)
  4. Ernst Fehr & Jean-Robert Tyran, 2001. "Does Money Illusion Matter?," American Economic Review, American Economic Association, vol. 91(5), pages 1239-1262, December. [Downloadable!] (restricted)
    Other versions:
  5. Tversky, Amos & Kahneman, Daniel, 1992. " Advances in Prospect Theory: Cumulative Representation of Uncertainty," Journal of Risk and Uncertainty, Springer, vol. 5(4), pages 297-323, October.
  6. John A. List, 2006. "Using Hicksian Surplus Measures to Examine Consistency of Individual Preferences: Evidence from a Field Experiment," Scandinavian Journal of Economics, Blackwell Publishing, vol. 108(1), pages 115-134, 03. [Downloadable!] (restricted)
    Other versions:
  7. Plott, Charles R & Sunder, Shyam, 1982. "Efficiency of Experimental Security Markets with Insider Information: An Application of Rational-Expectations Models," Journal of Political Economy, University of Chicago Press, vol. 90(4), pages 663-98, August. [Downloadable!] (restricted)
    Other versions:
  8. Battalio, Raymond C & Kagel, John H & Jiranyakul, Komain, 1990. " Testing between Alternative Models of Choice under Uncertainty: Some Initial Results," Journal of Risk and Uncertainty, Springer, vol. 3(1), pages 25-50, March.
  9. Glenn W. Harrison & Morten I. Lau & Melonie B. Williams, 2002. "Estimating Individual Discount Rates in Denmark: A Field Experiment," American Economic Review, American Economic Association, vol. 92(5), pages 1606-1617, December. [Downloadable!]
  10. Fetherstonhaugh, David, et al, 1997. "Insensitivity to the Value of Human Life: A Study of Psychophysical Numbing," Journal of Risk and Uncertainty, Springer, vol. 14(3), pages 283-300, May-June. [Downloadable!] (restricted)
  11. Friend, Irwin & Blume, Marshall E, 1975. "The Demand for Risky Assets," American Economic Review, American Economic Association, vol. 65(5), pages 900-922, December. [Downloadable!] (restricted)
  12. Schunk, Daniel & Betsch, Cornelia, 2006. "Explaining heterogeneity in utility functions by individual differences in decision modes," Journal of Economic Psychology, Elsevier, vol. 27(3), pages 386-401, June. [Downloadable!] (restricted)
    Other versions:
  13. Holt, Charles A, 1986. "Preference Reversals and the Independence Axiom," American Economic Review, American Economic Association, vol. 76(3), pages 508-15, June. [Downloadable!] (restricted)
  14. Loomes, Graham, 1998. "Probabilities vs Money: A Test of Some Fundamental Assumptions about Rational Decision Making," Economic Journal, Royal Economic Society, vol. 108(447), pages 477-89, March. [Downloadable!] (restricted)
  15. Barsky, Robert B, et al, 1997. "Preference Parameters and Behavioral Heterogeneity: An Experimental Approach in the Health and Retirement Study," The Quarterly Journal of Economics, MIT Press, vol. 112(2), pages 537-79, May.
  16. Mikael Stenkula, 2004. "The Euro Cash Changeover Process," Kyklos, Blackwell Publishing, vol. 57(2), pages 265-286, 05. [Downloadable!] (restricted)
  17. Forsythe, Robert & Palfrey, Thomas R & Plott, Charles R, 1982. "Asset Valuation in an Experimental Market," Econometrica, Econometric Society, vol. 50(3), pages 537-67, May. [Downloadable!] (restricted)
  18. Kahneman, Daniel & Tversky, Amos, 1979. "Prospect Theory: An Analysis of Decision under Risk," Econometrica, Econometric Society, vol. 47(2), pages 263-91, March. [Downloadable!] (restricted)
  19. Loewenstein, George & Prelec, Drazen, 1992. "Anomalies in Intertemporal Choice: Evidence and an Interpretation," The Quarterly Journal of Economics, MIT Press, vol. 107(2), pages 573-97, May. [Downloadable!] (restricted)
  20. Charles A. Holt & Susan K. Laury, 2002. "Risk Aversion and Incentive Effects," American Economic Review, American Economic Association, vol. 92(5), pages 1644-1655, December. [Downloadable!]
  21. Benartzi, Shlomo & Thaler, Richard H, 1995. "Myopic Loss Aversion and the Equity Premium Puzzle," The Quarterly Journal of Economics, MIT Press, vol. 110(1), pages 73-92, February. [Downloadable!] (restricted)
    Other versions:
  22. Raghubir, Priya & Srivastava, Joydeep, 2002. " Effect of Face Value on Product Valuation in Foreign Currencies," Journal of Consumer Research: An Interdisciplinary Quarterly, University of Chicago Press, vol. 29(3), pages 335-47, December.
  23. Loehman, Edna, 1998. "Testing risk aversion and nonexpected utility theories," Journal of Economic Behavior & Organization, Elsevier, vol. 33(2), pages 285-302, January. [Downloadable!] (restricted)
  24. Budescu, David V. & Weiss, Wendy, 1987. "Reflection of transitive and intransitive preferences: A test of prospect theory," Organizational Behavior and Human Decision Processes, Elsevier, vol. 39(2), pages 184-202, April. [Downloadable!] (restricted)
  25. Glenn W. Harrison & Eric Johnson & Melayne M. McInnes & E. Elisabet Rutstrom, 2005. "Risk Aversion and Incentive Effects: Comment," American Economic Review, American Economic Association, vol. 95(3), pages 897-901, June. [Downloadable!]
  26. Baron, Jonathan, 1997. "Confusion of Relative and Absolute Risk in Valuation," Journal of Risk and Uncertainty, Springer, vol. 14(3), pages 301-9, May-June. [Downloadable!] (restricted)
  27. Olivier Armantier, 2006. "Do Wealth Differences Affect Fairness Considerations?," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 47(2), pages 391-429, 05. [Downloadable!] (restricted)
    Other versions:
  28. Glenn W. Harrison & Morten I. Lau & E. Elisabet Rutstrom & Melonie B. Williams, 2002. "Estimating Individual Discount Rates in Denmark: A Field Experiment," Artefactual Field Experiments 0053, The Field Experiments Website. [Downloadable!]
  29. Berg, Joyce E, et al, 1986. "Controlling Preferences for Lotteries on Units of Experimental Exchange," The Quarterly Journal of Economics, MIT Press, vol. 101(2), pages 281-306, May. [Downloadable!] (restricted)
  30. Smith, Vernon L, 1982. "Microeconomic Systems as an Experimental Science," American Economic Review, American Economic Association, vol. 72(5), pages 923-55, December. [Downloadable!] (restricted)
  31. Harless, David W & Camerer, Colin F, 1994. "The Predictive Utility of Generalized Expected Utility Theories," Econometrica, Econometric Society, vol. 62(6), pages 1251-89, November. [Downloadable!] (restricted)
  32. Harrison, Glenn W, 1994. "Expected Utility Theory and the Experimentalists," Empirical Economics, Springer, vol. 19(2), pages 223-53.
  33. Camerer, Colin F, 1989. " An Experimental Test of Several Generalized Utility Theories," Journal of Risk and Uncertainty, Springer, vol. 2(1), pages 61-104, April.
  34. Mussweiler, Thomas & Englich, Birte, 2003. "Adapting to the Euro: Evidence from bias reduction," Journal of Economic Psychology, Elsevier, vol. 24(3), pages 285-292, June. [Downloadable!] (restricted)
  35. Harris, Lawrence, 1991. "Stock Price Clustering and Discreteness," Review of Financial Studies, Oxford University Press for Society for Financial Studies, vol. 4(3), pages 389-415. [Downloadable!] (restricted)
  36. Plott, Charles R, 1986. "Rational Choice in Experimental Markets," Journal of Business, University of Chicago Press, vol. 59(4), pages S301-27, October. [Downloadable!] (restricted)
  37. Ogaki, Masao & Zhang, Qiang, 2001. "Decreasing Relative Risk Aversion and Tests of Risk Sharing," Econometrica, Econometric Society, vol. 69(2), pages 515-26, March.
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  38. Matthew Rabin, 2000. "Risk Aversion and Expected-Utility Theory: A Calibration Theorem," Econometrica, Econometric Society, vol. 68(5), pages 1281-1292, September.
  39. Myagkov, Mikhail & Plott, Charles R, 1997. "Exchange Economies and Loss Exposure: Experiments Exploring Prospect Theory and Competitive Equilibria in Market Environments," American Economic Review, American Economic Association, vol. 87(5), pages 801-28, December. [Downloadable!] (restricted)
  40. Meier-Pesti, Katja & Kirchler, Erich, 2003. "Attitudes towards the Euro by national identity and relative national status," Journal of Economic Psychology, Elsevier, vol. 24(3), pages 293-299, June. [Downloadable!] (restricted)
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