Changing the probability versus changing the reward

Experimental Economics

Volumn 12, Issue 4, 2009, Pages 367-385

  Bruner, David M ^a  

^a APPALACHIAN STATE UNIVERSITY   (United States)

Author keywords

Experiments; Risk; Uncertainty

Indexed keywords

EID: 70350721922     PISSN: 13864157     EISSN: None     Source Type: Journal    
DOI: 10.1007/s10683-009-9219-7     Document Type: Article

References (51)

1. Andersen, S. G., Harrison, G., Lau, M. I., & Rutström, E. E. (2006). Elicitation using multiple price list formats. Experimental Economics, 9(4), 383-406.
2. Andersen, S. G., Harrison, G., Lau, M. I., & Rutström, E. E. (2008). Eliciting risk and time preferences. Econometrica, 76, 583-618.
3. Anderson, L. R., & Stafford, S. L. (2003). Punishment in a regulatory setting: Experimental evidence from the VCM. Journal of Regulatory Economics, 24, 91-110.
4. Anderson, L. R., & Stafford, S. L. (2006). Does crime pay? A classroom demonstration of monitoring and enforcement. Southern Economic Journal, 72, 1016-1025.
5. Ballinger, T. P., & Wilcox, N. T. (1997). Decisions, error and heterogeneity. The Economic Journal, 107, 1090-1105.
6. Becker, G. S. (1968). Crime and punishment: An economic approach. Journal of Political Economy, 76, 169-217.
7. Becker, G., DeGroot, M., & Marschak, J. (1963). Stochastic models of choice behavior. Behavioral Science, 8, 41-55.
8. Block, M. K., & Gerety, V. E. (1995). Some experimental evidence on difference between student and prisoner reactions to monetary penalties and risk. Journal of Legal Studies, 24, 123-138.
9. Camerer, C. F., & Ho, T.-H. (1994). Violations of the betweeness axiom and nonlinearity in probabilities. Journal of Risk and Uncertainty, 8, 167-196.
10. Carbone, E. (1998). Investigation of stochastic preference theory using experimental data. Economics Letters, 57, 305-312.
11. Carbone, E., & Hey, J. D. (1994). Discriminating between preference functionals - A preliminary Monte Carlo study. Journal of Risk and Uncertainty, 8, 223-242.
12. Carbone, E., & Hey, J. D. (2000). Which error story is best. Journal of Risk and Uncertainty, 20, 161-176.
13. Dave, C., Eckel, C., Johnson, C., & Rojas, C. (2007). On the heterogeneity, stability, and validity of risk preferences. Unpublished Manuscript, University of Texas at Dallas.
14. Debreu, G. (1958). Stochastic choice and cardinal utility. Econometrica, 26, 440-444.
15. Fechner, G. (1860/1966). Elements of psychophysics. New York: Holt, Rinehart and Winston.
16. Fischbacher, U. (2007). Z-tree - Zurich toolbox for readymade economic experiments - Experimenter's manual. Experimental Economics, 171-178.
17. Friedman, D., & Sunder, S. (1994). Experimental methods: A primer for economists. New York: Cambridge University Press.
18. Goeree, J., Holt, C. A., & Palfrey, T. R. (2003). Risk averse behavior in generalized matching pennies games. Games and Economic Behavior, 45, 97-113.
19. Gonzalez, R., & Wu, G. (1999). On the shape of the probability weighting function. Cognitive Psychology, 38, 129-166.
20. Greiner, B. (2004). The online recruitment system ORSEE 2.0 - A guide for the organization of experiments in economics. Working Paper Series in Economics 10, University of Cologne.
21. Grogger, J. (1991). Certainty vs. severity of punishment. Economic Inquiry, 29, 297-309.
22. Harless, D. W., & Camerer, C. F. (1994). The predictive utility of generalized expected utility theories. Econometrica, 62(6), 1251-1289.
23. Harrison, G. W. (2007). Maximum likelihood estimation of utility functions using Stata. Working paper 06-12, Department of Economics, College of Business Administration, University of Central Florida.
24. Harrison, G. W., & Rutström, E. E. (2008). Research in experimental economics (Vol. 12). Emerald Group Publishing Limited.
25. Harrison, G. W., Johnson, E., McInnes, M. M., & Rutström, E. E. (2005). Risk aversion and incentive effects: Comment. American Economic Review, 95(3), 897-901.
26. Hey, J. D. (1995). Experimental investigations of errors in decision-making under uncertainty. European Economic Review, 29, 633-640.
27. Hey, J. D. (2001). Does repetition improve consistency? Experimental Economics, 4, 5-54.
28. Hey, J. D. (2005). Why we should not be silent about noise. Experimental Economics, 8, 325-345.
29. Hey, J. D., & Orme, C. (1994). Investigating generalizations of expected utility theory using experimental data. Econometrica, 62(6), 1291-1326.
30. Holt, C. A., & Laury, S. K. (2002). Risk aversion and incentive effects. American Economic Review, 92(5), 1644-1657.
31. Holt, C. A., & Laury, S. K. (2005). Risk aversion and incentive effects new data without order effects. American Economic Review, 95(3), 902-904.
32. Kahneman, D., & Tversky, A. (1979). Prospect theory an analysis of decision under risk. Econometrica, 47, 263-291.
33. Knight, F. H. (1921). Risk, uncertainty and profit. Boston: Houghton Mifflin.
34. LeRoy, S. F., & Singell, L. D. (1987). Knight on risk and uncertainty. Journal of Political Economy, 95(2), 394-406.
35. Loomes, G., & Sugden, R. (1995). Incorporating a stochastic element into decision theories. European Economic Review, 39, 641-648.
36. Loomes, G., & Sugden, R. (1998). Testing alternative stochastic specifications for risky choice. Economica, 65, 581-598.
37. Loomes, G., Moffatt, P. G., & Sugden, R. (2002). A microeconometric test of alternative stochastic theories of risky choice. Journal of Risk and Uncertainty, 24, 103-130.
38. Luce, D. (1959). Individual choice behavior. New York: Wiley.
39. Myers, S. B. (1983). Estimating the economic model of crime: Employment versus punishment effects. Quarterly Journal of Economics, February, 157-166.
40. Polinsky, A. M., & Shavell, S. (2000). The economic theory of public enforcement of law. Journal of Economic Literature, 38, 45-76.
41. Prelec, D. (1998). The probability weighting function. Econometrica, 66, 497-528.
42. Rothschild, M., & Stiglitz, J. (1970). Increasing risk: I. A definition. Journal of Economic Theory, 2, 225-243.
43. Samuelson, P. A. (1952). Probability, utility, and the independence axiom. Econometrica, 20(4), 670-678.
44. Smith, V. L., & Walker, J. (1993). Monetary rewards and decision cost in experimental economics. Economic Inquiry, 31, 245-261.
45. Starmer, C., & Sugden, R. (1991). Does the random-lottery incentive system elicit true preferences? An experimental investigation. American Economic Review, 81(4), 971-978.
46. Stott, H. P. (2006). Cumulative prospect theory's functional menagerie. Journal of Risk and Uncertainty, 32, 101-130.
47. Tversky, A., & Kahneman, D. (1992). Advances in prospect theory: Cumulative representation of uncertainty. Journal of Risk and Uncertainty, 5, 297-323.
48. Wilcox, N. T. (1993). Lottery choice: Incentives, complexity, and decision time. The Economic Journal, 103, 1397-1470.
49. Wilcox, N. T. (2007). In Risk Aversion in Experiments. Research in Experimental Economics: Vol. 12. Greenwich: JAI.
50. Wilcox, N. T. (forthcoming). Stochastically more risk averse: A contextual utility approach. Journal of Econometrics.
51. Witte, A. D. (1980). Estimating the economic model of crime with individual data. Quarterly Journal of Economics, February, 57-84.