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Which Error Theory is Best?

  • John Hey
  • Enrica Carbone

Two recent papers, Harless and Camerer (1994) and Hey and Orme (1994), are both addressed to the same question: which is the `best' theory of decision making under risk? As an essential part of their separate approaches to an answer to this question, both sets of authors had to make an assumption about the underlying stochastic nature of their data. In this context this implied an assumption about the `errors' made by the subjects in the experiments generating the data under analysis. The two different sets of authors adopted different assumptions: the purpose of this current paper is to compare and contrast these two different error stories - in an attempt to discover which of the two is `best'.

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Paper provided by Department of Economics, University of York in its series Discussion Papers with number 99/31.

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Handle: RePEc:yor:yorken:99/31
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  1. Kahneman, Daniel & Tversky, Amos, 1979. "Prospect Theory: An Analysis of Decision under Risk," Econometrica, Econometric Society, vol. 47(2), pages 263-91, March.
  2. Gul, Faruk, 1991. "A Theory of Disappointment Aversion," Econometrica, Econometric Society, vol. 59(3), pages 667-86, May.
  3. Carbone, Enrica & Hey, John D, 1994. "Discriminating between Preference Functionals: A Preliminary Monte Carlo Study," Journal of Risk and Uncertainty, Springer, vol. 8(3), pages 223-42, May.
  4. Viscusi, W Kip, 1989. " Prospective Reference Theory: Toward an Explanation of the Paradoxes," Journal of Risk and Uncertainty, Springer, vol. 2(3), pages 235-63, September.
  5. Harless, David W & Camerer, Colin F, 1994. "The Predictive Utility of Generalized Expected Utility Theories," Econometrica, Econometric Society, vol. 62(6), pages 1251-89, November.
  6. Quiggin, John, 1982. "A theory of anticipated utility," Journal of Economic Behavior & Organization, Elsevier, vol. 3(4), pages 323-343, December.
  7. Manski, Charles F., 1975. "Maximum score estimation of the stochastic utility model of choice," Journal of Econometrics, Elsevier, vol. 3(3), pages 205-228, August.
  8. Hey, John D & Orme, Chris, 1994. "Investigating Generalizations of Expected Utility Theory Using Experimental Data," Econometrica, Econometric Society, vol. 62(6), pages 1291-1326, November.
  9. Shugan, Steven M, 1980. " The Cost of Thinking," Journal of Consumer Research, University of Chicago Press, vol. 7(2), pages 99-111, Se.
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