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An Experimental Test of a General Class of Utility Models: Evidence for Context Dependency

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  • Chechile, Richard A
  • Cooke, Alan D J

Abstract

Generic utility theory, a general axiomatization of utility principles developed by Miyamoto (1988, 1992), is discussed as a formulation that captures a large class of utility theories. Several general mathematical functions were used to specify further the scaling of utility within this class of models. The scaling parameters in the generic utility representation should remain invariant across gambling contexts, and this predicted invariance provided a means for testing the theory. Evidence is presented that the prediction of scaling-parameter invariance is violated. This failure is interpreted as a consequence of employing an absolute reference system for a problem that is context-sensitive. Copyright 1997 by Kluwer Academic Publishers

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  • Chechile, Richard A & Cooke, Alan D J, 1997. "An Experimental Test of a General Class of Utility Models: Evidence for Context Dependency," Journal of Risk and Uncertainty, Springer, vol. 14(1), pages 75-93, January.
    • Handle: RePEc:kap:jrisku:v:14:y:1997:i:1:p:75-93
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    Cited by:

    1. Markus Pasche, 1998. "An Approach to Robust Decision Making: The Rationality of Heuristic Behavior," Working Paper Series B 1998-10, Friedrich Schiller University of Jena, School of of Economics and Business Administration.
    2. Levy, Haim & Levy, Moshe, 2002. "Experimental test of the prospect theory value function: A stochastic dominance approach," Organizational Behavior and Human Decision Processes, Elsevier, vol. 89(2), pages 1058-1081, November.
    3. Pavlo Blavatskyy, 2004. "Axiomatization of a Preference for Most Probably Winner," CERGE-EI Working Papers wp226, The Center for Economic Research and Graduate Education - Economics Institute, Prague.
    4. Henry Stott, 2006. "Cumulative prospect theory's functional menagerie," Journal of Risk and Uncertainty, Springer, vol. 32(2), pages 101-130, March.
    5. Sneddon, Robert & Luce, R. Duncan, 2001. "Empirical Comparisons of Bilinear and Nonbilinear Utility Theories," Organizational Behavior and Human Decision Processes, Elsevier, vol. 84(1), pages 71-94, January.

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