| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3842 |
| DP3842 Efficiency-Enhancing Signalling in the Samaritan's Dilemma | |
| Johan Lagerlof | |
| 发表日期 | 2003-03-23 |
| 出版年 | 2003 |
| 语种 | 英语 |
| 摘要 | This Paper reports the results of an experimental parameter-free elicitation and decomposition of decision weights under uncertainty. Assuming cumulative prospect theory, utility functions were elicited for gains and losses at an individual level using the trade-off method. Then decision weights were elicited using certainty equivalents of uncertain two-outcome prospects. Furthermore, decision weights were decomposed using observable choice instead of invoking other empirical primitives as in the previous experimental studies. The choice-based elicitation of decision weights allows for a quantitative study of their characteristics, and also allows, among other things, to confront the sign-dependence hypothesis with observed choice under uncertainty. Our results confirm concavity of the utility function in the gain domain and bounded sub-additivity of decision weights as well as choice-based subjective probabilities. We also find evidence of sign-dependence of decision weights. |
| 主题 | Financial Economics |
| 关键词 | Decision under uncertainty (ambiguity) Choquet expected utility Cumulative prospect theory Decision weights Subjective probabilities Probability weighting |
| URL | https://cepr.org/publications/dp3842 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/532825 |
| 推荐引用方式 GB/T 7714 | Johan Lagerlof. DP3842 Efficiency-Enhancing Signalling in the Samaritan's Dilemma. 2003. |
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