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Consistency and heterogeneity of individual behavior under uncertainty

Cited 172 time in Web of Science Cited 185 time in Scopus
Authors

Choi, Syng Joo; Fisman, Raymond; Gale, Douglas; Kariv, Shachar

Issue Date
2007-12
Publisher
American Economic Association
Citation
American Economic Review, Vol.97 No.5, pp.1921-1938
Abstract
By using graphical representations of simple portfolio choice problems, we generate a very rich dataset to study behavior under uncertainty at the level of the individual subject. We test the data for consistency with the maximization hypothesis, and we estimate preferences using a two-parameter utility function based on Faruk Gul (1991). This specification provides a good interpretation of the data at the individual level and can account for the highly heterogeneous behaviors observed in the laboratory. The parameter estimates jointly describe attitudes toward risk and allow us to characterize the distribution of risk preferences in the population.
ISSN
0002-8282
URI
https://hdl.handle.net/10371/203497
DOI
https://doi.org/10.1257/aer.97.5.1921
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  • College of Social Sciences
  • Department of Economics
Research Area Behavioral Economics, Experimental Economics

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