A comparison of the estimates of expected utility and non-expected-utility preference functionals

E  Carbone; J D  HEY

A comparison of the estimates of expected utility and non-expected-utility preference functionals

E Carbone, J D HEY

Economics

Research output: Contribution to journal › Article › peer-review

Abstract

This paper extends the literature on the estimation of expected utility and non-expected-utility preference functionals (and the consequent exploration of the superiority of non-expected-utility over expected utility preference functionals) to a comparison of two different ways (pairwise choice and complete ranking) of experimentally obtaining data on such preferences. What is revealed is that the magnitude of the subject error is clearly conditional on the elicitation method used and, rather alarmingly, that the preference functional apparently employed by the subject may also be conditional on the elicitation method.

Original language	English
Pages (from-to)	111-133
Number of pages	23
Journal	GENEVA PAPERS ON RISK AND INSURANCE THEORY
Volume	20
Issue number	1
Publication status	Published - Jun 1995

Keywords

EXPECTED UTILITY
NON-EXPECTED-UTILITY
EXPERIMENTS
PAIRWISE CHOICE
COMPLETE RANKING

Cite this

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title = "A comparison of the estimates of expected utility and non-expected-utility preference functionals",

abstract = "This paper extends the literature on the estimation of expected utility and non-expected-utility preference functionals (and the consequent exploration of the superiority of non-expected-utility over expected utility preference functionals) to a comparison of two different ways (pairwise choice and complete ranking) of experimentally obtaining data on such preferences. What is revealed is that the magnitude of the subject error is clearly conditional on the elicitation method used and, rather alarmingly, that the preference functional apparently employed by the subject may also be conditional on the elicitation method.",

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AB - This paper extends the literature on the estimation of expected utility and non-expected-utility preference functionals (and the consequent exploration of the superiority of non-expected-utility over expected utility preference functionals) to a comparison of two different ways (pairwise choice and complete ranking) of experimentally obtaining data on such preferences. What is revealed is that the magnitude of the subject error is clearly conditional on the elicitation method used and, rather alarmingly, that the preference functional apparently employed by the subject may also be conditional on the elicitation method.

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KW - NON-EXPECTED-UTILITY

KW - EXPERIMENTS

KW - PAIRWISE CHOICE

KW - COMPLETE RANKING

M3 - Article

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JO - GENEVA PAPERS ON RISK AND INSURANCE THEORY

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