위험관리 | Cases and Studies of Risk Management in Lottery & Gambling | 危險管理
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- Article] REFLECTION EFFECT IN STOCHASTIC SPECIFICATION (STRONG, CPT) OF PAIRWISE CHOICE UNDER RISK
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DocNo of ILP: 898
Doc. Type: Article
Title: REFLECTION EFFECT IN STOCHASTIC SPECIFICATION (STRONG, CPT) OF PAIRWISE CHOICE UNDER RISK
Authors: Babula, E; Korpysa, J
Full Name of Authors: Babula, Elzbieta; Korpysa, Jaroslaw
Keywords by Author: choice under risk; Cumulative Prospect Theory; stochastic specification; strong utility model; pairwise choice experiment
Keywords Plus: CUMULATIVE PROSPECT-THEORY; UTILITY-THEORY; DECISION; AXIOMATIZATION
Abstract: The paper presents the results of two stochastic specifications of experimental data obtained in the pairwise choice experiment. In the estimated specifications the strong utility stochastic model was used. A comparative analysis of the results of stochastic specifications based on two decision theories: Rank-Dependent Expected Utility and Cumulative Prospect Theory was performed, which allowed to draw two conclusions. Specification based on CPT structure is more effective in modelling choices over lotteries that contain both gains and losses. However, the reflection effect is observed only in the results of estimation based on RDEU structure. In the estimations with CPT structure the reflection effect did not occur.
Cate of OECD: Economics and business
Year of Publication: 2013
Business Area: lottery
Detail Business: lottery
Country: Romania
Study Area:
Name of Journal: ECONOMIC COMPUTATION AND ECONOMIC CYBERNETICS STUDIES AND RESEARCH
Language: English
Country of Authors: [Babula, Elzbieta] Univ Gdansk, Microecon Dept, PL-80952 Gdansk, Poland; [Korpysa, Jaroslaw] Univ Szczecin, Microecon Dept, Szczecin, Poland
Press Adress: Babula, E (reprint author), Univ Gdansk, Microecon Dept, PL-80952 Gdansk, Poland.
Email Address: elzbieta.babula@ug.edu.pl; jarek@korpysa.pl
Citaion:
Funding:
Lists of Citation: Babula E., 2010, ZASTOSOWANIE MODELI; CAMERER C., 1995, HDB EXPT EC; Chateauneuf A, 1999, J RISK UNCERTAINTY, V18, P137, DOI 10.1023/A:1007886529870; Diecidue E, 2001, J RISK UNCERTAINTY, V23, P281, DOI 10.1023/A:1011877808366; Gruszczynski M., 2010, MIKROEKONOMETRIA MOD; HANDA J, 1977, J POLIT ECON, V85, P97, DOI 10.1086/260547; HEY JD, 1994, ECONOMETRICA, V62, P1291, DOI 10.2307/2951750; KAHNEMAN D, 1979, ECONOMETRICA, V47, P263, DOI 10.2307/1914185; Lindgren B. W., 1971, ELEMENTS DECISION TH; LOOMES G, 1995, EUR ECON REV, V39, P641, DOI 10.1016/0014-2921(94)00071-7; Loomes G, 2002, J RISK UNCERTAINTY, V24, P103, DOI 10.1023/A:1014094209265; MACHINA MJ, 1985, ECON J, V95, P575, DOI 10.2307/2233028; Prelec D, 1998, ECONOMETRICA, V66, P497, DOI 10.2307/2998573; QUIGGIN J, 1982, J ECON BEHAV ORGAN, V3, P323, DOI 10.1016/0167-2681(82)90008-7; Sokolowska J., 2005, PSYCHOL DECYZJI RYZY; Starmer C, 2000, J ECON LIT, V38, P332, DOI 10.1257/jel.38.2.332; TVERSKY A, 1992, J RISK UNCERTAINTY, V5, P297, DOI 10.1007/BF00122574; WAKKER P, 1993, J RISK UNCERTAINTY, V7, P147, DOI 10.1007/BF01065812; Wilcox NT, 2008, RES EXP ECON, V12, P197, DOI 10.1016/S0193-2306(08)00004-5
Number of Citaion: 19
Publication: ACAD ECONOMIC STUDIES
City of Publication: BUCHAREST
Address of Publication: 15-17 CALEA DOROBANTI, SECTOR 1, BUCHAREST, 00000, ROMANIA
ISSN: 0424-267X
29-Character Source Abbreviation: ECON COMPUT ECON CYB
ISO Source Abbreviation: Econ. Comput. Econ. Cybern. Stud.
Volume: 47
Version: 1
Start of File: 219
End of File: 233
DOI:
Number of Pages: 15
Web of Science Category: Economics; Mathematics, Interdisciplinary Applications
Subject Category: Business & Economics; Mathematics
Document Delivery Number: 198NY
Unique Article Identifier: WOS:000322930800013
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