Heterogeneity in loss aversion: evidence from field elicitations

Purpose Prospect theory is now widely accepted as the dominant model of choice under risk, but has not been fully incorporated into applied research because of uncertainty about how to include population-level parameter estimates. The purpose of this paper is to characterize heterogeneity across peo...

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Veröffentlicht in:	Agricultural finance review 2017-01, Vol.77 (1), p.196-216
Hauptverfasser:	Sproul, Thomas, Michaud, Clayton P
Format:	Artikel
Sprache:	eng
Schlagworte:	Algorithms Allocations Aversion Behavior Computer simulation Crop insurance Decision making Estimates Expected utility Field tests Heterogeneity Insurance coverage Parameter estimation Population Probabilistic models Probability Risk aversion Standard deviation
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