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Consistency and heterogeneity of individual behavior under uncertainty

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dc.contributor.authorChoi, Syng Joo-
dc.contributor.authorFisman, Raymond-
dc.contributor.authorGale, Douglas-
dc.contributor.authorKariv, Shachar-
dc.date.accessioned2024-05-20T06:15:15Z-
dc.date.available2024-05-20T06:15:15Z-
dc.date.created2024-05-20-
dc.date.created2024-05-20-
dc.date.created2024-05-20-
dc.date.issued2007-12-
dc.identifier.citationAmerican Economic Review, Vol.97 No.5, pp.1921-1938-
dc.identifier.issn0002-8282-
dc.identifier.urihttps://hdl.handle.net/10371/203497-
dc.description.abstractBy 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.-
dc.language영어-
dc.publisherAmerican Economic Association-
dc.titleConsistency and heterogeneity of individual behavior under uncertainty-
dc.typeArticle-
dc.identifier.doi10.1257/aer.97.5.1921-
dc.citation.journaltitleAmerican Economic Review-
dc.identifier.wosid000252228800018-
dc.identifier.scopusid2-s2.0-38049131876-
dc.citation.endpage1938-
dc.citation.number5-
dc.citation.startpage1921-
dc.citation.volume97-
dc.description.isOpenAccessY-
dc.contributor.affiliatedAuthorChoi, Syng Joo-
dc.type.docTypeArticle-
dc.description.journalClass1-
dc.subject.keywordPlusUTILITY-THEORY-
dc.subject.keywordPlusINDEPENDENCE AXIOM-
dc.subject.keywordPlusRISK-
dc.subject.keywordPlusAUCTIONS-
dc.subject.keywordPlusAVERSION-
dc.subject.keywordPlusCHOICE-
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  • College of Social Sciences
  • Department of Economics
Research Area Behavioral Economics, Experimental Economics

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