IDEAS home Printed from https://ideas.repec.org/h/wsi/wschap/9789813235816_0014.html
   My bibliography  Save this book chapter

Comparing Theories: What Are We Looking For?

In: Experiments in Economics Decision Making and Markets

Author

Listed:
  • JOHN HEY

Abstract

The following sections are included:IntroductionWays of Fitting the Data to the Set of TheoriesError SpecificationsDescribing True PreferencesThe ExperimentsAnalyzing the ResultsCorrecting for Degrees of FreedomFull and Overfull CorrectionCP Errors in the Complete Ranking ExperimentPreference Functionals FittedResultsConclusionsAcknowledgementsReferences

Suggested Citation

  • John Hey, 2018. "Comparing Theories: What Are We Looking For?," World Scientific Book Chapters, in: Experiments in Economics Decision Making and Markets, chapter 14, pages 331-352, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789813235816_0014
    as

    Download full text from publisher

    File URL: https://www.worldscientific.com/doi/pdf/10.1142/9789813235816_0014
    Download Restriction: Ebook Access is available upon purchase.
    File URL: https://www.worldscientific.com/doi/abs/10.1142/9789813235816_0014
    Download Restriction: Ebook Access is available upon purchase.
    ---><---

    As the access to this document is restricted, you may want to look for a different version below or search for a different version of it.

    Other versions of this item:

    References listed on IDEAS

    as
    1. Selten, Reinhard, 1991. "Properties of a measure of predictive success," Mathematical Social Sciences, Elsevier, vol. 21(2), pages 153-167, April.
    2. John D. Hey & Chris Orme, 2018. "Investigating Generalizations Of Expected Utility Theory Using Experimental Data," World Scientific Book Chapters, in: Experiments in Economics Decision Making and Markets, chapter 3, pages 63-98, World Scientific Publishing Co. Pte. Ltd..
    3. Enrica Carbone & John D. Hey, 2018. "Discriminating between Preference Functionals: A Preliminary Monte Carlo Study," World Scientific Book Chapters, in: Experiments in Economics Decision Making and Markets, chapter 4, pages 99-118, World Scientific Publishing Co. Pte. Ltd..
    4. John D. Hey, 2018. "Experimental investigations of errors in decision making under risk," World Scientific Book Chapters, in: Experiments in Economics Decision Making and Markets, chapter 17, pages 381-388, World Scientific Publishing Co. Pte. Ltd..
    5. John Hey & Enrica Carbone, "undated". "Which Error Theory is Best?," Discussion Papers 99/31, Department of Economics, University of York.
    6. Carbone, Enrica, 1997. "Discriminating between Preference Functionals: A Monte Carlo Study," Journal of Risk and Uncertainty, Springer, vol. 15(1), pages 29-54, October.
    7. Harless, David W & Camerer, Colin F, 1994. "The Predictive Utility of Generalized Expected Utility Theories," Econometrica, Econometric Society, vol. 62(6), pages 1251-1289, November.
    8. Carbone, Enrica, 1997. "Investigation of stochastic preference theory using experimental data," Economics Letters, Elsevier, vol. 57(3), pages 305-311, December.
    9. Hey, John D., 1998. "An application of Selten's measure of predictive success," Mathematical Social Sciences, Elsevier, vol. 35(1), pages 1-15, January.
    10. Hey, John D. & Carbone, Enrica, 1995. "Stochastic choice with deterministic preferences: An experimental investigation," Economics Letters, Elsevier, vol. 47(2), pages 161-167, February.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Andrea Morone, 2008. "Comparison of Mean-Variance Theory and Expected-Utility Theory through a Laboratory Experiment," Economics Bulletin, AccessEcon, vol. 3(40), pages 1-7.
    2. 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, revised 2019.
    3. 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..
    4. Henry Stott, 2006. "Cumulative prospect theory's functional menagerie," Journal of Risk and Uncertainty, Springer, vol. 32(2), pages 101-130, March.
    5. David M. Bruner, 2017. "Does decision error decrease with risk aversion?," Experimental Economics, Springer;Economic Science Association, vol. 20(1), pages 259-273, March.
    6. David Bruner, 2009. "Changing the probability versus changing the reward," Experimental Economics, Springer;Economic Science Association, vol. 12(4), pages 367-385, December.
    7. Blavatskyy, Pavlo R., 2008. "Stochastic utility theorem," Journal of Mathematical Economics, Elsevier, vol. 44(11), pages 1049-1056, December.
    8. 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, revised 2017.
    9. Glenn W. Harrison & John A. List, 2004. "Field Experiments," Journal of Economic Literature, American Economic Association, vol. 42(4), pages 1009-1055, December.
    10. Pavlo R. Blavatskyy, 2020. "Dual choice axiom and probabilistic choice," Journal of Risk and Uncertainty, Springer, vol. 61(1), pages 25-41, August.
    11. Dagsvik, John K., 2008. "Axiomatization of stochastic models for choice under uncertainty," Mathematical Social Sciences, Elsevier, vol. 55(3), pages 341-370, May.
    12. 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.
    13. 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.
    14. Pavlo Blavatskyy, 2007. "Stochastic expected utility theory," Journal of Risk and Uncertainty, Springer, vol. 34(3), pages 259-286, June.
    15. 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.
    16. John K. Dagsvik, 2005. "Choice under Uncertainty and Bounded Rationality," Discussion Papers 409, Statistics Norway, Research Department.
    17. Pavlo R. Blavatskyy, 2024. "Harmonic choice model," Theory and Decision, Springer, vol. 96(1), pages 49-69, February.
    18. 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.
    19. John D. Hey, 2018. "Does Repetition Improve Consistency?," World Scientific Book Chapters, in: Experiments in Economics Decision Making and Markets, chapter 2, pages 13-62, World Scientific Publishing Co. Pte. Ltd..
    20. Guido Baltussen & G. Post & Martijn Assem & Peter Wakker, 2012. "Random incentive systems in a dynamic choice experiment," Experimental Economics, Springer;Economic Science Association, vol. 15(3), pages 418-443, September.

    More about this item

    Keywords

    Experimental Economics; Risk; Ambiguity; Markets; Auctions; Bargaining; Econometrics; Methodology;
    All these keywords.

    JEL classification:

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

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:wsi:wschap:9789813235816_0014. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Tai Tone Lim (email available below). General contact details of provider: http://www.worldscientific.com/page/worldscibooks .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.