Testing Different Stochastic Specificationsof Risky Choice
Bibliographic Data
| ID | 9723170 |
|---|---|
| Authors | Graham Loomes (0000-0002-3293-2350, University of Newcastle Australia), Robert Sugden (0000-0002-3401-3139, University of East Anglia) |
| Year | 1998 |
| Volume | 65 |
| Issue | 260 |
| Pages | 581-598 |
| Publication date | 1998-11-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | Economica (JOURNAL) |
| Journal identifiers | ISSN: 0013-0427 • E-ISSN: 1468-0335 |
| Publisher | Wiley (PUBLISHER • GB) |
| DOI | 10.1111/1468-0335.00147 |
| OpenAlex | W1984719944 |
| Language | EN |
| Citations received | 22 |
| References cited | 6 |
The Harless–Camerer (HC), Hey–Orme (HO) and random preference (RP) models of stochastic variation in choice under uncertainty are compared. Implications of these models, including some that are independent of the deterministic theory with which they are combined, are tested in an experiment in which participants respond to decision problems twice. The HC model generally performs poorly; the HO model predicts more violations of dominance than are observed; while the RP model fails to account for those few violations which do occur. Additional regularities are observed which are inconsistent with all three models when combined with expected utility theory
Dominance (genetics) · Econometrics · Economics · Expected utility hypothesis · Mathematical economics · Preference · Statistics · Stochastic dominance · Decision-Making and Behavioral Economics · Economic and Environmental Valuation · Forecasting Techniques and Applications · Mathematics
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| Unique citing works | 22 |
|---|---|
| Citations per year | 0,79 |
| Citation span | 1998 - 2025 (28) |
| Citation velocity | recent |
| Highly cited | No |
| Citation types | Neutral: 20 |