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Estimation Of Revealed Probabilities And Utility Functions For Product Safety Decisions

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Author Info
W. Kip Viscusi
William N. Evans

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Abstract

Using survey data on consumer product purchases, this paper introduces an approach to estimate jointly individual utility functions and risk perceptions implied by their decisions. The behavioral risk beliefs reflected in consumers' risky decisions differ from the stated probabilities given to them in the survey. These results are not consistent with a Bayesian learning model in which the information respondents utilize is restricted to what the survey presents. The results are, however, potentially consistent with models in which prior risk information is influential or models in which people do not act in a fully rational manner. © 2000 by the President and Fellows of Harvard College and the Massachusetts Institute of Technolog

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File URL: http://www.catchword.com/cgi-bin/cgi?ini=bc&body=linker&reqidx=0034-6535(19980201)80:1L.28;1-
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Publisher Info
Article provided by MIT Press in its journal The Review of Economics and Statistics.

Volume (Year): 80 (1998)
Issue (Month): 1 (February)
Pages: 28-33
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Handle: RePEc:tpr:restat:v:80:y:1998:i:1:p:28-33

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  1. Jakus, Paul M. & Shaw, W. Douglass, 2001. "Perceived Hazard And Product Choice: An Application To Recreational Site Choice," 2001 Annual meeting, August 5-8, Chicago, IL 20772, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
    Other versions:
  2. Andrea M. Leiter & Gerald J. Pruckner, 2006. "Proportionality of Willingness to Pay to Small Risk Changes – The Impact of Attitudinal Factors in Scope Tests," Working Papers 2006.90, Fondazione Eni Enrico Mattei. [Downloadable!]
  3. Nikolai Svetlov, 2001. "Econometric application of linear programming: a model of Russian large-scale farm (the case of the Moscow Region)," Econometrics 0112002, EconWPA. [Downloadable!]
  4. Ari Hyytinen & Mika Pajarinen, 2005. "Why Are All New Entrepreneurs Better Than Average? Evidence from Subjective Failure Rate Expectations," Discussion Papers 987, The Research Institute of the Finnish Economy. [Downloadable!]
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