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A Microeconometric Test of Alternative Stochastic Theories of Risky Choice

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Cited by:

  1. John Hey & Andrea Morone & Ulrich Schmidt, 2009. "Noise and bias in eliciting preferences," Journal of Risk and Uncertainty, Springer, vol. 39(3), pages 213-235, December.
  2. Jinkwon Lee, 2008. "The effect of the background risk in a simple chance improving decision model," Journal of Risk and Uncertainty, Springer, vol. 36(1), pages 19-41, February.
  3. Aurélien Baillon & Han Bleichrodt & Alessandra Cillo, 2015. "A Tailor-Made Test of Intransitive Choice," Operations Research, INFORMS, vol. 63(1), pages 198-211, February.
  4. Glenn W. Harrison & John A. List, 2004. "Field Experiments," Journal of Economic Literature, American Economic Association, vol. 42(4), pages 1009-1055, December.
  5. Anna Conte & M. Vittoria Levati & Natalia Montinari, 2019. "Experience in public goods experiments," Theory and Decision, Springer, vol. 86(1), pages 65-93, February.
  6. Pavlo R. Blavatskyy & Hela Maafi, 2018. "Estimating representations of time preferences and models of probabilistic intertemporal choice on experimental data," Journal of Risk and Uncertainty, Springer, vol. 56(3), pages 259-287, June.
  7. Graham Loomes, 2005. "Modelling the Stochastic Component of Behaviour in Experiments: Some Issues for the Interpretation of Data," Experimental Economics, Springer;Economic Science Association, vol. 8(4), pages 301-323, December.
  8. David Bruner, 2009. "Changing the probability versus changing the reward," Experimental Economics, Springer;Economic Science Association, vol. 12(4), pages 367-385, December.
  9. 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.
  10. Sarah Jacobson & Ragan Petrie, 2009. "Learning from mistakes: What do inconsistent choices over risk tell us?," Journal of Risk and Uncertainty, Springer, vol. 38(2), pages 143-158, April.
  11. Daniel Navarro-Martinez & Graham Loomes & Andrea Isoni & David Butler & Larbi Alaoui, 2018. "Boundedly rational expected utility theory," Journal of Risk and Uncertainty, Springer, vol. 57(3), pages 199-223, December.
  12. Yun-shil Cha & Michelle Choi & Ying Guo & Michel Regenwetter & Chris Zwilling, 2013. "Reply: Birnbaum's (2012) statistical tests of independence have unknown Type-I error rates and do not replicate within participant," Judgment and Decision Making, Society for Judgment and Decision Making, vol. 8(1), pages 55-73, January.
  13. Pavlo R. Blavatskyy & Ganna Pogrebna, 2010. "Models of stochastic choice and decision theories: why both are important for analyzing decisions," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 25(6), pages 963-986.
  14. Andre Palma & Moshe Ben-Akiva & David Brownstone & Charles Holt & Thierry Magnac & Daniel McFadden & Peter Moffatt & Nathalie Picard & Kenneth Train & Peter Wakker & Joan Walker, 2008. "Risk, uncertainty and discrete choice models," Marketing Letters, Springer, vol. 19(3), pages 269-285, December.
    • André de Palma & Moshe Ben-Akiva & David Brownstone & Charles Holt & Thierry Magnac & Daniel McFadden & Peter Moffatt & Nathalie Picard & Kenneth Train & Peter Wakker & Joan Walker, 2008. "Risk, Uncertainty and Discrete Choice Models," THEMA Working Papers 2008-02, THEMA (THéorie Economique, Modélisation et Applications), Université de Cergy-Pontoise.
  15. Jerome R. Busemeyer & Jörg Rieskamp, 2014. "Psychological research and theories on preferential choice," Chapters, in: Stephane Hess & Andrew Daly (ed.), Handbook of Choice Modelling, chapter 3, pages 49-72, Edward Elgar Publishing.
  16. Peter Brooks & Simon Peters & Horst Zank, 2014. "Risk behavior for gain, loss, and mixed prospects," Theory and Decision, Springer, vol. 77(2), pages 153-182, August.
  17. Sugden, Robert & Wang, Mengjie & Zizzo, Daniel John, 2019. "Take it or leave it: Experimental evidence on the effect of time-limited offers on consumer behaviour," Journal of Economic Behavior & Organization, Elsevier, vol. 168(C), pages 1-23.
  18. Menkhoff, Lukas & Sakha, Sahra, 2014. "Multiple-item risk measures," Kiel Working Papers 1980, Kiel Institute for the World Economy (IfW).
  19. Hans-Martin Gaudecker & Arthur Soest & Erik Wengström, 2012. "Experts in experiments," Journal of Risk and Uncertainty, Springer, vol. 45(2), pages 159-190, October.
  20. Anna Conte & Peter G Moffatt & Mary Riddel, 2019. "The Multivariate Random Preference Estimatorfor Switching Multiple Price List Data," University of East Anglia School of Economics Working Paper Series 2019-04, School of Economics, University of East Anglia, Norwich, UK..
  21. Ulrich Schmidt & Chris Starmer & Robert Sugden, 2008. "Third-generation prospect theory," Journal of Risk and Uncertainty, Springer, vol. 36(3), pages 203-223, June.
  22. Anna Conte & Peter G. Moffatt & Fabrizio Botti & Daniela T. Di Cagno & Carlo D’Ippoliti, 2012. "A test of the rational expectations hypothesis using data from a natural experiment," Applied Economics, Taylor & Francis Journals, vol. 44(35), pages 4661-4678, December.
  23. 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.
  24. 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..
  25. Francisco Galarza, 2009. "Choices under risk in rural peru," Artefactual Field Experiments 00047, The Field Experiments Website.
  26. Jakusch, Sven Thorsten, 2017. "On the applicability of maximum likelihood methods: From experimental to financial data," SAFE Working Paper Series 148, Leibniz Institute for Financial Research SAFE.
  27. Loomes, Graham & Starmer, Chris & Sugden, Robert, 2010. "Preference reversals and disparities between willingness to pay and willingness to accept in repeated markets," Journal of Economic Psychology, Elsevier, vol. 31(3), pages 374-387, June.
  28. Guillaume Hollard & Hela Maafi & Jean-Christophe Vergnaud, 2016. "Consistent inconsistencies? Evidence from decision under risk," Theory and Decision, Springer, vol. 80(4), pages 623-648, April.
  29. Nathaniel T. Wilcox, 2017. "Random expected utility and certainty equivalents: mimicry of probability weighting functions," Journal of the Economic Science Association, Springer;Economic Science Association, vol. 3(2), pages 161-173, December.
  30. Chaikal Nuryakin & Alistair Munro, 2019. "Experiments on lotteries for shrouded and bundled goods: Investigating the economics of fukubukuro," The Japanese Economic Review, Japanese Economic Association, vol. 70(2), pages 168-188, June.
  31. Egil Matsen & Bjarne Strom, 2006. "Joker: Choice in a simple game with large stakes," Natural Field Experiments 00236, The Field Experiments Website.
  32. Robin Cubitt & Chris Starmer & Robert Sugden, 2001. "Discovered preferences and the experimental evidence of violations of expected utility theory," Journal of Economic Methodology, Taylor & Francis Journals, vol. 8(3), pages 385-414.
  33. Tingliang Huang & Gad Allon & Achal Bassamboo, 2013. "Bounded Rationality in Service Systems," Manufacturing & Service Operations Management, INFORMS, vol. 15(2), pages 263-279, May.
  34. Levon Barseghyan & Francesca Molinari & Ted O'Donoghue & Joshua C. Teitelbaum, 2013. "The Nature of Risk Preferences: Evidence from Insurance Choices," American Economic Review, American Economic Association, vol. 103(6), pages 2499-2529, October.
  35. Anna Conte & Peter Moffatt, 2014. "The econometric modelling of social preferences," Theory and Decision, Springer, vol. 76(1), pages 119-145, January.
  36. Melanie Lührmann & Marta Serra-Garcia & Joachim Winter, 2018. "The Impact of Financial Education on Adolescents' Intertemporal Choices," American Economic Journal: Economic Policy, American Economic Association, vol. 10(3), pages 309-332, August.
  37. 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.
  38. Graham Loomes & Inmaculada Rodríguez-Puerta & Jose-Luis Pinto-Prades, 2014. "Comment on “A Model of Probabilistic Choice Satisfying First-Order Stochastic Dominance” by Pavlo Blavatskyy," Management Science, INFORMS, vol. 60(5), pages 1346-1350, May.
  39. Felix Holzmeister & Matthias Stefan, 2019. "The risk elicitation puzzle revisited: Across-methods (in)consistency?," Working Papers 2019-19, Faculty of Economics and Statistics, University of Innsbruck.
  40. Charles Mason & Jason Shogren & Chad Settle & John List, 2005. "Investigating Risky Choices Over Losses Using Experimental Data," Journal of Risk and Uncertainty, Springer, vol. 31(2), pages 187-215, September.
  41. Marco Castillo & Ragan Petrie & Maximo Torero, 2008. "Rationality and the Nature of the Market," Experimental Economics Center Working Paper Series 2008-12, Experimental Economics Center, Andrew Young School of Policy Studies, Georgia State University.
  42. John D. Hey, 2018. "Why We Should Not Be Silent About Noise," World Scientific Book Chapters, in: Experiments in Economics Decision Making and Markets, chapter 13, pages 309-329, World Scientific Publishing Co. Pte. Ltd..
  43. 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.
  44. Nicholas Bardsley & Peter Moffatt, 2007. "The Experimetrics of Public Goods: Inferring Motivations from Contributions," Theory and Decision, Springer, vol. 62(2), pages 161-193, March.
  45. 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.
  46. 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.
  47. Pavlo Blavatskyy, 2007. "Stochastic expected utility theory," Journal of Risk and Uncertainty, Springer, vol. 34(3), pages 259-286, June.
  48. Schmidt, Ulrich & Neugebauer, Tibor, 2003. "An Experimental Investigation of the Role of Errors for Explaining Violations of Expected Utility," Hannover Economic Papers (HEP) dp-279, Leibniz Universität Hannover, Wirtschaftswissenschaftliche Fakultät.
  49. 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.
  50. Christoph March & Anthony Ziegelmeyer & Ben Greiner & René Cyranek, 2016. "Pay Few Subjects but Pay Them Well: Cost-Effectiveness of Random Incentive Systems," CESifo Working Paper Series 5988, CESifo.
  51. Peter Moffatt, 2005. "Stochastic Choice and the Allocation of Cognitive Effort," Experimental Economics, Springer;Economic Science Association, vol. 8(4), pages 369-388, December.
  52. Renata S Suter & Thorsten Pachur & Ralph Hertwig & Tor Endestad & Guido Biele, 2015. "The Neural Basis of Risky Choice with Affective Outcomes," PLOS ONE, Public Library of Science, vol. 10(4), pages 1-22, April.
  53. Lindner, Florian & Rose, Julia, 2017. "No need for more time: Intertemporal allocation decisions under time pressure," Journal of Economic Psychology, Elsevier, vol. 60(C), pages 53-70.
  54. Martina Nardon & Paolo Pianca, 2019. "Behavioral premium principles," Decisions in Economics and Finance, Springer;Associazione per la Matematica, vol. 42(1), pages 229-257, June.
  55. Loomes, Graham & Starmer, Chris & Sugden, Robert, 2010. "Preference reversals and disparities between willingness to pay and willingness to accept in repeated markets," Journal of Economic Psychology, Elsevier, vol. 31(3), pages 374-387, June.
  56. Sara Amoroso & Pietro Moncada-Paternò-Castello & Antonio Vezzani, 2017. "R&D profitability: the role of risk and Knightian uncertainty," Small Business Economics, Springer, vol. 48(2), pages 331-343, February.
  57. Yudistira Permana, 2020. "Why do people prefer randomisation? An experimental investigation," Theory and Decision, Springer, vol. 88(1), pages 73-96, February.
  58. Bayrak, Oben, 2016. "Another Solution for Allais Paradox: Preference Imprecision, Dispersion and Pessimism," MPRA Paper 71780, University Library of Munich, Germany.
  59. Sugden, Robert, 2003. "Reference-dependent subjective expected utility," Journal of Economic Theory, Elsevier, vol. 111(2), pages 172-191, August.
  60. Botti, Fabrizio & Conte, Anna & D'Ippoliti, Carlo, 2015. "Not so classy after all: Identity utility and the risk of discrimination of LGB people," MPRA Paper 65125, University Library of Munich, Germany.
  61. Castillo, Geoffrey, 2020. "The attraction effect and its explanations," Games and Economic Behavior, Elsevier, vol. 119(C), pages 123-147.
  62. Martina Nardon & Paolo Pianca, 2015. "Probability weighting functions," Working Papers 2015:29, Department of Economics, University of Venice "Ca' Foscari".
  63. Peter Moffatt & Simon Peters, 2001. "Testing for the Presence of a Tremble in Economic Experiments," Experimental Economics, Springer;Economic Science Association, vol. 4(3), pages 221-228, December.
  64. Daniel Gregg & John Rolfe, 2017. "Risk Behaviours and Grazing Land Management: A Framed Field Experiment and Linkages to Range Land Condition," Journal of Agricultural Economics, Wiley Blackwell, vol. 68(3), pages 682-709, September.
  65. Jan Rouwendal & Arianne de Blaeij & Piet Rietveld & Erik Verhoef, 2008. "The Information Content of a Stated Choice Experiment," Tinbergen Institute Discussion Papers 08-053/3, Tinbergen Institute.
  66. 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.
  67. Gijs van de Kuilen & Peter P. Wakker, 2011. "The Midweight Method to Measure Attitudes Toward Risk and Ambiguity," Management Science, INFORMS, vol. 57(3), pages 582-598, March.
  68. Nathaniel T. Wilcox, 2018. "Conditional Independence in a Binary Choice Experiment," Working Papers 18-08, Chapman University, Economic Science Institute.
  69. Rouwendal, Jan & de Blaeij, Arianne & Rietveld, Piet & Verhoef, Erik, 2010. "The information content of a stated choice experiment: A new method and its application to the value of a statistical life," Transportation Research Part B: Methodological, Elsevier, vol. 44(1), pages 136-151, January.
  70. Jakusch, Sven Thorsten & Meyer, Steffen & Hackethal, Andreas, 2019. "Taming models of prospect theory in the wild? Estimation of Vlcek and Hens (2011)," SAFE Working Paper Series 146, Leibniz Institute for Financial Research SAFE.
  71. Holzmeister, Felix & Stefan, Matthias, 2019. "The Risk Elicitation Puzzle Revisited: Across-Methods (In)consistency?," OSF Preprints pj9u2, Center for Open Science.
  72. Gijs Kuilen & Peter Wakker, 2006. "Learning in the Allais paradox," Journal of Risk and Uncertainty, Springer, vol. 33(3), pages 155-164, December.
  73. Estepa-Mohedano, Lorenzo & Espinosa, Maria Paz, 2021. "Comparing risk elicitation in lotteries with visual or contextual framing aids," MPRA Paper 108440, University Library of Munich, Germany.
  74. Ferdinand Vieider & Thorsten Chmura & Tyler Fisher & Takao Kusakawa & Peter Martinsson & Frauke Mattison Thompson & Adewara Sunday, 2015. "Within- versus between-country differences in risk attitudes: implications for cultural comparisons," Theory and Decision, Springer, vol. 78(2), pages 209-218, February.
  75. 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.
  76. Peter Brooks & Horst Zank, 2005. "Loss Averse Behavior," Journal of Risk and Uncertainty, Springer, vol. 31(3), pages 301-325, December.
  77. Henry Stott, 2006. "Cumulative prospect theory's functional menagerie," Journal of Risk and Uncertainty, Springer, vol. 32(2), pages 101-130, March.
  78. Tomoya Okubo & Shin-ichi Mayekawa, 2015. "Modeling Viewpoint Shifts in Probabilistic Choice," Psychometrika, Springer;The Psychometric Society, vol. 80(2), pages 412-427, June.
  79. Asa B. Palley & Mirko Kremer, 2014. "Sequential Search and Learning from Rank Feedback: Theory and Experimental Evidence," Management Science, INFORMS, vol. 60(10), pages 2525-2542, October.
  80. David M. Bruner, 2017. "Does decision error decrease with risk aversion?," Experimental Economics, Springer;Economic Science Association, vol. 20(1), pages 259-273, March.
  81. 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.
  82. Daniel R. Cavagnaro & Richard Gonzalez & Jay I. Myung & Mark A. Pitt, 2013. "Optimal Decision Stimuli for Risky Choice Experiments: An Adaptive Approach," Management Science, INFORMS, vol. 59(2), pages 358-375, February.
  83. Graham Loomes & Simone Blackburn, 2014. "Towards a more complex model of risky choice," Chapters, in: Stephane Hess & Andrew Daly (ed.), Handbook of Choice Modelling, chapter 4, pages 73-98, Edward Elgar Publishing.
  84. Felix Holzmeister & Matthias Stefan, 2021. "The risk elicitation puzzle revisited: Across-methods (in)consistency?," Experimental Economics, Springer;Economic Science Association, vol. 24(2), pages 593-616, June.
  85. Robin Cubitt & Daniel Navarro-Martinez & Chris Starmer, 2015. "On preference imprecision," Journal of Risk and Uncertainty, Springer, vol. 50(1), pages 1-34, February.
  86. Uwe Dulleck & Jacob Fell & Jonas Fooken, 2011. "Within-subject Intra- and Inter-method consistency of two experimental risk attitude elicitation," NCER Working Paper Series 74, National Centre for Econometric Research.
  87. Vieider, Ferdinand M. & Truong, Nghi & Martinsson, Peter & Pham Khanh Nam & Martinsson, Peter, 2013. "Risk preferences and development revisited: A field experiment in Vietnam," Discussion Papers, WZB Junior Research Group Risk and Development SP II 2013-403, WZB Berlin Social Science Center.
  88. Martina Nardon & Paolo Pianca, 2019. "European option pricing under cumulative prospect theory with constant relative sensitivity probability weighting functions," Computational Management Science, Springer, vol. 16(1), pages 249-274, February.
  89. 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.
  90. 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.
  91. Raffaello Seri & Samuele Centorrino & Michele Bernasconi, 2019. "Nonparametric Estimation and Inference in Economic and Psychological Experiments," Papers 1904.11156, arXiv.org, revised Dec 2019.
  92. Pavlo Blavatskyy, 2018. "A second-generation disappointment aversion theory of decision making under risk," Theory and Decision, Springer, vol. 84(1), pages 29-60, January.
  93. 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.
  94. Kirchkamp, Oliver & Oechssler, Joerg & Sofianos, Andis, 2021. "The Binary Lottery Procedure does not induce risk neutrality in the Holt & Laury and Eckel & Grossman tasks," Journal of Economic Behavior & Organization, Elsevier, vol. 185(C), pages 348-369.
  95. 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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