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Mixture models of choice under risk

In: Experiments in Economics Decision Making and Markets

Author

Listed:
  • Anna Conte
  • John D. Hey
  • Peter G. Moffatt

Abstract

This paper is concerned with estimating preference functionals for choice under risk from the choice behaviour of individuals. We note that there is heterogeneity in behaviour between individuals and within individuals. By ‘heterogeneity between individuals’ we mean that people are different, in terms of both their preference functionals and their parameters for these functionals. By ‘heterogeneity within individuals’ we mean that the behaviour may be different even by the same individual for the same choice problem. We propose methods of taking into account all forms of heterogeneity, concentrating particularly on using a Mixture Model to capture the heterogeneity of preference functionals.

Suggested Citation

  • Anna Conte & John D. Hey & Peter G. Moffatt, 2018. "Mixture models of choice under risk," World Scientific Book Chapters, in: Experiments in Economics Decision Making and Markets, chapter 1, pages 3-12, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789813235816_0001
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    JEL classification:

    • C90 - Mathematical and Quantitative Methods - - Design of Experiments - - - General

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