Fabrizio Botti () (LUISS Guido Carli) Anna Conte () (University of Rome II “Tor Vergata”, University of Rome I “La Sapienza”, and LUISS Guido Carli) Daniela T. Di Cagno () (LUISS Guido Carli) Carlo D'Ippoliti () (University of Rome I “La Sapienza”, and LUISS Guido Carli)
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Experimental economics focuses on eliciting preferences, studying individuals one at a time to take into account their heterogeneity. Experiments have the appealing property of collecting enough observations to perform such an analysis. In real word, and in natural experiments, individuals cannot be observed according to experimenters’ needs. We propose a method that aggregates over individuals taking into account their heterogeneity. Using data from a natural experiment, we estimate three models of decision making under risk: Expected Utility, Rank-Dependent Expected Utility and Regret-Rejoice. Our results show that individual-wise analyses can be substituted by pooled approaches without losing information about individual heterogeneity.
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Paper provided by Department of Economic and Business Sciences, LUISS Guido Carli in its series Quaderni DPTEA with number
144.
Find related papers by JEL classification: C15 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: General - - - Statistical Simulation Methods C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data C25 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Discrete Regression and Qualitative Choice Models D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
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Glenn W. Harrison & John A. List, 2004.
"Field Experiments,"
Journal of Economic Literature,
American Economic Association, vol. 42(4), pages 1009-1055, December.
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