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A Comparison of the Estimates of Expected Utility and Non-Expected-Utility Preference Functionals

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  • Enrica Carbone

    (Department of Economics and Related Studies, University of York, YO1 5DD Heslington, York, UK)

  • John D. Hey

    (Department of Economics and Related Studies, University of York, YO1 5DD Heslington, York, UK)

Abstract

This paper extends the literature on the estimation of expected utility and non-expected-utility preference functionals (and the consequent exploration of the superiority of non-expected-utility over expected utility preference functionals) to a comparison of two different ways (pairwise choice and complete ranking) of experimentally obtaining data on such preferences. What is revealed is that the magnitude of the subject error is clearly conditional on the elicitation method used and, rather alarmingly, that the preference functional apparently employed by the subject may also be conditional on the elicitation method. The Geneva Papers on Risk and Insurance Theory (1995) 20, 111–133. doi:10.1007/BF01098961

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Article provided by Palgrave Macmillan in its journal The Geneva Papers on Risk and Insurance Theory.

Volume (Year): 20 (1995)
Issue (Month): 1 (June)
Pages: 111-133

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Handle: RePEc:pal:genrir:v:20:y:1995:i:1:p:111-133

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Cited by:
  1. Nuno Garoupa, 1998. "Crime and punishment: Further results," Economics Working Papers, Department of Economics and Business, Universitat Pompeu Fabra 344, Department of Economics and Business, Universitat Pompeu Fabra.

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