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Investigation to Stochastic Preference Theory Using Exeprimental Data

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  • Carbone, E.

Abstract

This paper investigates the relative empirical performance of 3 stories of error' in decision-making experiments - finding that the constant-error-probability story does not fit particularly well, but that the white-noise and stochastic preference stories perform considerably better. The paper concludes by suggesting ways of testing between these two

Suggested Citation

  • Carbone, E., 1997. "Investigation to Stochastic Preference Theory Using Exeprimental Data," University of East Anglia Discussion Papers in Economics 9701, School of Economics, University of East Anglia, Norwich, UK..
    • Handle: RePEc:uea:papers:9701
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    Citations

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    Cited by:

    1. Yukalov, V.I., 2021. "A resolution of St. Petersburg paradox," Journal of Mathematical Economics, Elsevier, vol. 97(C).
    2. 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.
    3. V. I. Yukalov, 2021. "A Resolution of St. Petersburg Paradox," Papers 2111.14635, arXiv.org.
    4. 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.
    5. Jochen Jungeilges & Tatyana Ryazanova, 2018. "Output volatility and savings in a stochastic Goodwin economy," Eurasian Economic Review, Springer;Eurasia Business and Economics Society, vol. 8(3), pages 355-380, December.
    6. Mador, Galit & Sonsino, Doron & Benzion, Uri, 2000. "On complexity and lotteries' evaluation - three experimental observations," Journal of Economic Psychology, Elsevier, vol. 21(6), pages 625-637, December.
    7. 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.
    8. Pavlo R. Blavatskyy, 2020. "Dual choice axiom and probabilistic choice," Journal of Risk and Uncertainty, Springer, vol. 61(1), pages 25-41, August.

    More about this item

    Keywords

    DECISION MAKING ; RISK ; STOCHASTIC MODELS;
    All these keywords.

    JEL classification:

    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior
    • C25 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Discrete Regression and Qualitative Choice Models; Discrete Regressors; Proportions; Probabilities

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