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Modelling the Stochastic Component of Behaviour in Experiments: Some Issues for the Interpretation of Data

Citations

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Cited by:

  1. Mel Win Khaw & Ziang Li & Michael Woodford, 2017. "Risk Aversion as a Perceptual Bias," NBER Working Papers 23294, National Bureau of Economic Research, Inc.
  2. Sergio Sousa, 2010. "Small-scale changes in wealth and attitudes toward risk," Discussion Papers 2010-11, The Centre for Decision Research and Experimental Economics, School of Economics, University of Nottingham.
  3. Robin Cubitt & Maria Ruiz-Martos & Chris Starmer, 2012. "Are bygones bygones?," Theory and Decision, Springer, vol. 73(2), pages 185-202, August.
    • Robin Cubitt & Maria Ruiz-Martos & Chris Starmer, 2005. "Are bygones bygones?," Discussion Papers 2005-21, The Centre for Decision Research and Experimental Economics, School of Economics, University of Nottingham.
    • Robin Cubitt & Maria Ruiz-Martos & Chris Starmer, 2010. "Are bygones bygones?," Discussion Papers 2010-01, The Centre for Decision Research and Experimental Economics, School of Economics, University of Nottingham.
  4. Capezzone, Tommaso & Conzo, Pierluigi & Fuochi, Giulia & Zotti, Roberto & Anfossi, Laura & Mosso, Cristina Onesta, 2025. "We care, but delegate: Climate disasters and climate migration trigger concern, normative beliefs, and altruism – but not cooperation," Department of Economics and Statistics Cognetti de Martiis. Working Papers 202511, University of Turin.
  5. Pavlo Blavatskyy, 2012. "Probabilistic choice and stochastic dominance," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 50(1), pages 59-83, May.
  6. Ryan Webb, 2019. "The (Neural) Dynamics of Stochastic Choice," Management Science, INFORMS, vol. 65(1), pages 230-255, January.
  7. Jens Hougaard & Tue Tjur & Lars Østerdal, 2012. "On the meaningfulness of testing preference axioms in stated preference discrete choice experiments," The European Journal of Health Economics, Springer;Deutsche Gesellschaft für Gesundheitsökonomie (DGGÖ), vol. 13(4), pages 409-417, August.
  8. Matthew Ryan, 2017. "Random Binary Choices that Satisfy Stochastic Betweenness," Working Papers 2017-01, Auckland University of Technology, Department of Economics.
  9. Bernheim, B. Douglas & Sprenger, Charles, 2023. "On the empirical validity of cumulative prospect theory: A response to the Wakker commentaries," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 107(C).
  10. Behnud Mir Djawadi & René Fahr & Claus-Jochen Haake & Sonja Recker, 2018. "Maintaining vs. milking good reputation when customer feedback is inaccurate," PLOS ONE, Public Library of Science, vol. 13(11), pages 1-23, November.
  11. Harrison, Glenn W., 2008. "Neuroeconomics: A Critical Reconsideration," Economics and Philosophy, Cambridge University Press, vol. 24(3), pages 303-344, November.
  12. Bayrak, Oben, 2016. "Another Solution for Allais Paradox: Preference Imprecision, Dispersion and Pessimism," MPRA Paper 71780, University Library of Munich, Germany.
  13. Jeroen Hinloopen & Adriaan R. Soetevent, 2020. "(Non‐)Insurance Markets, Loss Size Manipulation and Competition: Experimental Evidence," Journal of Industrial Economics, Wiley Blackwell, vol. 68(4), pages 819-856, December.
  14. Blavatskyy, Pavlo R., 2008. "Stochastic utility theorem," Journal of Mathematical Economics, Elsevier, vol. 44(11), pages 1049-1056, December.
  15. Buschena, David E. & Atwood, Joseph A., 2011. "Evaluation of similarity models for expected utility violations," Journal of Econometrics, Elsevier, vol. 162(1), pages 105-113, May.
  16. Hans-Martin von Gaudecker & Arthur van Soest & Erik Wengstrom, 2011. "Heterogeneity in Risky Choice Behavior in a Broad Population," American Economic Review, American Economic Association, vol. 101(2), pages 664-694, April.
  17. Lahno, Amrei M. & Serra-Garcia, Marta, 2012. "Peer Effects in Risk Taking," Discussion Papers in Economics 14309, University of Munich, Department of Economics.
  18. Michael H. Birnbaum & Ulrich Schmidt & Miriam D. Schneider, 2017. "Testing independence conditions in the presence of errors and splitting effects," Journal of Risk and Uncertainty, Springer, vol. 54(1), pages 61-85, February.
  19. Sendhil Mullainathan & Ashesh Rambachan, 2024. "From Predictive Algorithms to Automatic Generation of Anomalies," NBER Working Papers 32422, National Bureau of Economic Research, Inc.
  20. Arkady Konovalov & Ian Krajbich, 2019. "Revealed strength of preference: Inference from response times," Judgment and Decision Making, Society for Judgment and Decision Making, vol. 14(4), pages 381-394, July.
  21. Pamela Jakiela & Owen Ozier, 2016. "Does Africa Need a Rotten Kin Theorem? Experimental Evidence from Village Economies," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 83(1), pages 231-268.
  22. Breitmoser, Yves, 2013. "Estimation of social preferences in generalized dictator games," Economics Letters, Elsevier, vol. 121(2), pages 192-197.
  23. Guo, Liang, 2021. "Contextual deliberation and the choice-valuation preference reversal," Journal of Economic Theory, Elsevier, vol. 195(C).
  24. Maxim Pinkovskiy, 2009. "Rational Inattention and Choice Under Risk: Explaining Violations of Expected Utility Through a Shannon Entropy Formulation of the Costs of Rationality," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 37(1), pages 99-112, March.
  25. Pavlo R. Blavatskyy, 2010. "Reverse Common Ratio Effect," IEW - Working Papers 478, Institute for Empirical Research in Economics - University of Zurich.
  26. Nathaniel T. Wilcox, 2015. "Error and Generalization in Discrete Choice Under Risk," Working Papers 15-11, Chapman University, Economic Science Institute.
  27. Sergio Sousa, 2010. "Small-scale changes in wealth and attitudes toward risk," Discussion Papers 2010-11, The Centre for Decision Research and Experimental Economics, School of Economics, University of Nottingham.
  28. Anna Conte & M. Vittoria Levati & Chiara Nardi, 2018. "Risk Preferences and the Role of Emotions," Economica, London School of Economics and Political Science, vol. 85(338), pages 305-328, April.
  29. Sergio Beraldo & Valerio Filoso & Marco Stimolo, 2014. "The Shaping Power of Market Prices and Individual Choices on Preferences. An Experimental Investigation," Discussion Papers 2014/191, Dipartimento di Economia e Management (DEM), University of Pisa, Pisa, Italy.
  30. Blavatskyy, Pavlo, 2015. "Behavior in the centipede game: A decision-theoretical perspective," Economics Letters, Elsevier, vol. 133(C), pages 117-122.
  31. Hajimoladarvish, Narges, 2021. "Explaining Heterogeneity in Risk Preferences Using a Finite Mixture Model," Journal of Money and Economy, Monetary and Banking Research Institute, Central Bank of the Islamic Republic of Iran, vol. 16(4), pages 533-554, December.
  32. Di Caprio, Debora & Santos-Arteaga, Francisco J., 2011. "Cardinal versus ordinal criteria in choice under risk with disconnected utility ranges," Journal of Mathematical Economics, Elsevier, vol. 47(4-5), pages 588-594.
  33. Bolle, Friedel & Breitmoser, Yves & Otto, Philipp E., 2011. "A positive theory of cooperative games: The logit core and its variants," MPRA Paper 32918, University Library of Munich, Germany.
  34. Amrei M. Lahno & Marta Serra-Garcia, 2012. "Peer Effects in Risk Taking," CESifo Working Paper Series 4057, CESifo.
  35. Robin Cubitt & Maria Ruiz-Martos & Chris Starmer, 2012. "Are bygones bygones?," Theory and Decision, Springer, vol. 73(2), pages 185-202, August.
    • Robin Cubitt & Maria Ruiz-Martos & Chris Starmer, 2005. "Are bygones bygones?," Discussion Papers 2005-21, The Centre for Decision Research and Experimental Economics, School of Economics, University of Nottingham.
    • Robin Cubitt & Maria Ruiz-Martos & Chris Starmer, 2010. "Are bygones bygones?," Discussion Papers 2010-01, The Centre for Decision Research and Experimental Economics, School of Economics, University of Nottingham.
    • Robin Cubitt & Maria Ruiz-Martos & Chris Starmer, 2005. "Are bygones bygones?," Discussion Papers 2005-21, The Centre for Decision Research and Experimental Economics, School of Economics, University of Nottingham.
    • Robin Cubitt & Maria Ruiz-Martos & Chris Starmer, 2010. "Are bygones bygones?," Discussion Papers 2010-01, The Centre for Decision Research and Experimental Economics, School of Economics, University of Nottingham.
  36. Andreas C Drichoutis & Jayson L Lusk, 2014. "Judging Statistical Models of Individual Decision Making under Risk Using In- and Out-of-Sample Criteria," PLOS ONE, Public Library of Science, vol. 9(7), pages 1-13, July.
  37. Syngjoo Choi & Jeongbin Kim & Eungik Lee & Jungmin Lee, 2022. "Probability Weighting and Cognitive Ability," Management Science, INFORMS, vol. 68(7), pages 5201-5215, July.
  38. Tan, Fangfang & Yim, Andrew, 2010. "Deterrence Effects of Auditing Rules: An Experimental Study," MPRA Paper 27859, University Library of Munich, Germany.
  39. Wilcox, Nathaniel T., 2011. "'Stochastically more risk averse:' A contextual theory of stochastic discrete choice under risk," Journal of Econometrics, Elsevier, vol. 162(1), pages 89-104, May.
  40. Ryan, Matthew, 2017. "Random binary choices that satisfy stochastic betweenness," Journal of Mathematical Economics, Elsevier, vol. 70(C), pages 176-184.
  41. Maria J. Ruiz Martos, 2018. "Sequential Common Consequence Effect and Incentives," ThE Papers 18/04, Department of Economic Theory and Economic History of the University of Granada..
  42. Godfrey Cadogan, 2014. "Chaos in a Large System of Decision‐Makers with Heterogeneous Beliefs with Application to Index Option Prices," Systems Research and Behavioral Science, Wiley Blackwell, vol. 31(4), pages 487-501, July.
  43. Pamela Jakiela & Owen Ozier, 2019. "The Impact of Violence on Individual Risk Preferences: Evidence from a Natural Experiment," The Review of Economics and Statistics, MIT Press, vol. 101(3), pages 547-559, July.
  44. Braga, Jacinto & Humphrey, Steven J. & Starmer, Chris, 2009. "Market experience eliminates some anomalies--and creates new ones," European Economic Review, Elsevier, vol. 53(4), pages 401-416, May.
  45. Hans-Martin Gaudecker & Arthur Soest & Erik Wengström, 2012. "Experts in experiments," Journal of Risk and Uncertainty, Springer, vol. 45(2), pages 159-190, October.
  46. John List & Sally Sadoff & Mathis Wagner, 2011. "So you want to run an experiment, now what? Some simple rules of thumb for optimal experimental design," Experimental Economics, Springer;Economic Science Association, vol. 14(4), pages 439-457, November.
  47. Egil Matsen & Bjarne Strom, 2006. "Joker: Choice in a simple game with large stakes," Natural Field Experiments 00236, The Field Experiments Website.
  48. Anna Conte & M. Levati, 2014. "Use of data on planned contributions and stated beliefs in the measurement of social preferences," Theory and Decision, Springer, vol. 76(2), pages 201-223, February.
  49. Booij, Adam S. & van Praag, Bernard M.S., 2009. "A simultaneous approach to the estimation of risk aversion and the subjective time discount rate," Journal of Economic Behavior & Organization, Elsevier, vol. 70(1-2), pages 374-388, May.
  50. Ian Krajbich & Todd Hare & Björn Bartling & Yosuke Morishima & Ernst Fehr, 2015. "A Common Mechanism Underlying Food Choice and Social Decisions," PLOS Computational Biology, Public Library of Science, vol. 11(10), pages 1-24, October.
  51. David J. Butler & Graham C. Loomes, 2007. "Imprecision as an Account of the Preference Reversal Phenomenon," American Economic Review, American Economic Association, vol. 97(1), pages 277-297, March.
  52. Aurélien Baillon & Han Bleichrodt & Alessandra Cillo, 2015. "A Tailor-Made Test of Intransitive Choice," Operations Research, INFORMS, vol. 63(1), pages 198-211, February.
  53. Yim, Andrew, 2010. "Fraud Detection and Financial Reporting and Audit Delay," MPRA Paper 27857, University Library of Munich, Germany.
  54. Uri Gneezy & Yoram Halevy & Brian Hall & Theo Offerman & Jeroen van de Ven, 2024. "How Real is Hypothetical? A High-Stakes Test of the Allais Paradox," Working Papers tecipa-783, University of Toronto, Department of Economics.
  55. Pavlo Blavatskyy, 2014. "Stronger utility," Theory and Decision, Springer, vol. 76(2), pages 265-286, February.
  56. Blavatskyy, Pavlo, 2018. "Fechner’s strong utility model for choice among n>2 alternatives: Risky lotteries, Savage acts, and intertemporal payoffs," Journal of Mathematical Economics, Elsevier, vol. 79(C), pages 75-82.
  57. Petrolia, Daniel R., 2016. "Risk preferences, risk perceptions, and risky food," Food Policy, Elsevier, vol. 64(C), pages 37-48.
  58. David Butler & Andrea Isoni & Graham Loomes, 2012. "Testing the ‘standard’ model of stochastic choice under risk," Journal of Risk and Uncertainty, Springer, vol. 45(3), pages 191-213, December.
  59. Engel, Christoph & Kirchkamp, Oliver, 2019. "How to deal with inconsistent choices on multiple price lists," Journal of Economic Behavior & Organization, Elsevier, vol. 160(C), pages 138-157.
  60. Louis Lévy-Garboua & Hela Maafi & David Masclet & Antoine Terracol, 2012. "Risk aversion and framing effects," Experimental Economics, Springer;Economic Science Association, vol. 15(1), pages 128-144, March.
  61. Soetevent, Adriaan & Hinloopen, Jeroen, 2016. "(Non-)Insurance Markets, Loss Size Manipulation and Competition," Research Report 16009-EEF, University of Groningen, Research Institute SOM (Systems, Organisations and Management).
  62. Pavlo R. Blavatskyy, 2011. "A Model of Probabilistic Choice Satisfying First-Order Stochastic Dominance," Management Science, INFORMS, vol. 57(3), pages 542-548, March.
  63. Ferdinand Vieider, 2016. "Certainty Preference, Random Choice, and Loss Aversion: A Comment on "Violence and Risk Preference: Experimental Evidence from Afghanistan"," Economics Discussion Papers em-dp2016-06, Department of Economics, University of Reading.
  64. Robin Cubitt & Daniel Navarro-Martinez & Chris Starmer, 2015. "On preference imprecision," Journal of Risk and Uncertainty, Springer, vol. 50(1), pages 1-34, February.
  65. Clintin P. Davis-Stober & Nicholas Brown, 2011. "A shift in strategy or "error"? Strategy classification over multiple stochastic specifications," Judgment and Decision Making, Society for Judgment and Decision Making, vol. 6(8), pages 800-813, December.
  66. Matthew Ryan, 2018. "Uncertainty and binary stochastic choice," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 65(3), pages 629-662, May.
  67. Pavlo Blavatskyy & Valentyn Panchenko & Andreas Ortmann, 2023. "How common is the common-ratio effect?," Experimental Economics, Springer;Economic Science Association, vol. 26(2), pages 253-272, April.
  68. Pavlo Blavatskyy, 2018. "A Refinement of Logit Quantal Response Equilibrium," International Game Theory Review (IGTR), World Scientific Publishing Co. Pte. Ltd., vol. 20(02), pages 1-14, June.
  69. Hermann, Daniel & Musshoff, Oliver, 2016. "Measuring time preferences: Comparing methods and evaluating the magnitude effect," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 65(C), pages 16-26.
  70. repec:hic:wpaper:204 is not listed on IDEAS
  71. Carlos Alós-Ferrer & Johannes Buckenmaier & Michele Garagnani, 2020. "Stochastic choice and preference reversals," ECON - Working Papers 370, Department of Economics - University of Zurich, revised Jul 2021.
  72. Moritz Loewenfeld & Jiakun Zheng, 2026. "Uncovering Correlation Sensitivity in Decision Making Under Risk," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 67(2), pages 513-532, May.
  73. Pavlo Blavatskyy, 2010. "Reverse common ratio effect," Journal of Risk and Uncertainty, Springer, vol. 40(3), pages 219-241, June.
  74. Liu Shi & Jianying Qiu & Jiangyan Li & Frank Bohn, 2024. "Consciously stochastic in preference reversals," Journal of Risk and Uncertainty, Springer, vol. 68(3), pages 255-297, June.
  75. Pavlo Blavatskyy, 2021. "Probabilistic independence axiom," The Geneva Risk and Insurance Review, Palgrave Macmillan;International Association for the Study of Insurance Economics (The Geneva Association), vol. 46(1), pages 21-34, March.
  76. Andersen, Steffen & Harrison, Glenn W. & Lau, Morten Igel & Rutström, Elisabet E., 2010. "Behavioral econometrics for psychologists," Journal of Economic Psychology, Elsevier, vol. 31(4), pages 553-576, August.
  77. Graham Loomes & José Luis Pinto-Prades & Jose Maria Abellan-Perpinan & Eva Rodriguez-Miguez, 2010. "Modelling Noise and Imprecision in Individual Decisions," Working Papers 10.03, Universidad Pablo de Olavide, Department of Economics.
  78. Aurora García-Gallego & Nikolaos Georgantzís & Daniel Navarro-Martínez & Gerardo Sabater-Grande, 2011. "The stochastic component in choice and regression to the mean," Theory and Decision, Springer, vol. 71(2), pages 251-267, August.
  79. Pavlo R. Blavatskyy, 2020. "Dual choice axiom and probabilistic choice," Journal of Risk and Uncertainty, Springer, vol. 61(1), pages 25-41, August.
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