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Comparing Theories: What Are We Looking For?

In: Experiments in Economics Decision Making and Markets

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  • 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
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    1. 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..
    2. John Hey & Enrica Carbone, "undated". "Which Error Theory is Best?," Discussion Papers 99/31, Department of Economics, University of York.
    3. 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.
    4. Carbone, Enrica, 1997. "Investigation of stochastic preference theory using experimental data," Economics Letters, Elsevier, vol. 57(3), pages 305-311, December.
    5. 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..
    6. 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..
    7. Hey, John D. & Carbone, Enrica, 1995. "Stochastic choice with deterministic preferences: An experimental investigation," Economics Letters, Elsevier, vol. 47(2), pages 161-167, February.
    8. Selten, Reinhard, 1991. "Properties of a measure of predictive success," Mathematical Social Sciences, Elsevier, vol. 21(2), pages 153-167, April.
    9. Carbone, Enrica, 1997. "Discriminating between Preference Functionals: A Monte Carlo Study," Journal of Risk and Uncertainty, Springer, vol. 15(1), pages 29-54, October.
    10. Hey, John D., 1998. "An application of Selten's measure of predictive success," Mathematical Social Sciences, Elsevier, vol. 35(1), pages 1-15, January.
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    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

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