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Simon Grant, Monti, Martin Osherson, Daniel

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  • A Note on Concave Utility Functions

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    Abstract

    The classical theory of preference among monetary bets represents people as expected utility maximizers with nondecreasing concave utility functions. Critics of this account often rely on assumptions about preferences over wide ranges of total wealth. We derive a prediction of the theory that bears on bets at any fixed level of wealth, and test the prediction behaviorally. Our results are discrepant with the classical account. Competing theories are also examined in light of our data.

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    File URL: http://www.ruf.rice.edu/~econ/papers/2003papers/13grant.pdf
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    Bibliographic Info

    Paper provided by Rice University, Department of Economics in its series Working Papers with number 2003-13.

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    Date of creation: Apr 2004
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    Handle: RePEc:ecl:riceco:2003-13

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