Consistency and heterogeneity of individual behavior under uncertainty

American Economic Review

Volumn 97, Issue 5, 2007, Pages 1921-1938

  Choi, Syngjoo ^a   Fisman, Raymond ^b   Gale, Douglas ^c   Kariv, Shachar ^d  

^a UNIVERSITY COLLEGE LONDON   (United Kingdom)

^b Och Spine at New York Presbyterian Hospitals   (United States)

^c NEW YORK UNIVERSITY   (United States)

^d UNIVERSITY OF CALIFORNIA   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 38049131876     PISSN: 00028282     EISSN: None     Source Type: Journal    
DOI: 10.1257/aer.97.5.1921     Document Type: Article

References (26)

1. Afriat, Sidney N. 1967. The Construction of a Utility Function from Expenditure Data. International Economic Review, 8(1): 67-77.
2. Afriat, Sidney N. 1972. "Efficiency Estimation of Production Function." International Economic Review, 13(3): 568-98.
3. Bronars, Stephen G. 1987. "The Power of Nonparametric Tests of Preference Maximization [The Nonparametric Approach to Demand Analysis]." Econometrica, 55(3): 693-98.
4. Camerer, Colin. 1995. "Individual Decision Making." In The Handbook of Experimental Economics, ed. John H. Kagel and Alvin E. Roth, 587-703. Princeton: Princeton University Press.
5. Chen, Kay-Yut, and Charles R. Plott. 1998. "Nonlinear Behavior in Sealed Bid First Price Auctions." Games and Economic Behavior, 25(1): 34-78.
6. Chew, Soo Hong. 1983. "A Generalization of the Quasilinear Mean with Applications to the Measurement of Income Inequality and Decision Theory Resolving the Allais Paradox." Econometrica, 51(4): 1065-92.
7. Choi, Syngjoo, Ray Fisman, Douglas M. Gale, and Shachar Kariv. Forthcoming. "Revealing Preferences Graphically: An Old Method Gets a New Tool Kit." American Economic Review.
8. Currim, Imran S., and Rakesh K. Sarin. 1989. "Prospect versus Utility." Management Science, 35(1): 22-41.
9. Daniels, Richard L., and L. Robin Keller. 1990. "An Experimental Evaluation of the Descriptive Validity of Lottery-Dependent Utility Theory." Journal of Risk and Uncertainty, 3(2): 115-34.
10. Dekel, Eddie. 1986. "An Axiomatic Characterization of Preferences under Uncertainty: Weakening the Independence Axiom." Journal of Economic Theory, 40(2): 304-18.
11. Fisman, Ray, Shachar Kariv, and Daniel Markovits. 2007. "Individual Preferences for Giving."Unpublished.
12. Goeree, Jacob K., and Charles A. Holt. 2004. "A Model of Noisy Introspection." Games and Economic Behavior, 46(2): 365-82.
13. Goeree, Jacob K., Charles A. Holt, and Thomas R. Palfrey. 2002. "Quantal Response Equilibrium and Overbidding in Private-Value Auctions." Journal of Economic Theory, 104(1): 247-72.
14. Goeree, Jacob K., Charles A. Holt, and Thomas R. Palfrey. 2003. "Risk Averse Behavior in Generalized Matching Pennies Games." Games and Economic Behavior, 45(1): 97-113.
15. Gul, Faruk. 1991. "A Theory of Disappointment Aversion." Econometrica, 59(3): 667-86.
16. Harless, David W., and Colin F. Camerer. 1994. "The Predictive Utility of Generalized Expected Utility Theories." Econometrica, 62(6): 1251-89.
17. Hey, John D., and Chris Orme. 1994. "Investigating Generalizations of Expected Utility Theory Using Experimental Data." Econometrica, 62(6): 1291-1326.
18. Holt, Charles A., and Susan K. Laury. 2002. "Risk Aversion and Incentive Effects." American Economic Review, 92(5): 1644-55.
19. Houtman, Martijn, and J. A. H. Maks. 1985. "Determining all Maximal Data Subsets Consistent with Revealed Preference." Kwantitatieve Methoden, 19: 89-104.
20. Lattimore, Pamela K., Joanna R. Baker, and Ann D. Witte. 1992. "The Influence of Probability on Risky Choice: A Parametric Examination." Journal of Economic Behavior and Organization, 17(3): 377-400.
21. Loomes, Graham. 1991. "Evidence of a New Violation of the Independence Axiom." Journal of Risk and Uncertainty, 4(1): 91-108.
22. Savage, Leonard. 1954. The Foundations of Statistics. New York: Wiley.
23. Starmer, Chris. 2000. "Developments in Nonexpected Utility Theory: The Hunt for a Descriptive Theory of Choice under Risk," Journal of Economic Literature, 38(2): 332-82.
24. Varian, Hal R. 1982. "The Nonparametric Approach to Demand Analysis." Econometrica, 50(4): 945-73.
25. Varian, Hal R. 1991. Goodness-of-Fitfor Revealed Preference Tests. Unpublished.
26. von Neumann, John, and Oskar Morgenstern. 1947. The Theory of Games and Economic Behavior, 2nd ed. Princeton: Princeton University Press.