Classification of risk preferences with elicited utility data: does functional form matter?

Recently, several problems with elicited utility functions have emerged. This paper concerns a fundamental problem in risk preference classification with elicited data. For the sample in this research, different functional forms resulted in reversals in preference classifications. This paper suggest...

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Veröffentlicht in:	Western Journal of Agricultural Economics 1984-12, Vol.9 (2), p.322-328
Hauptverfasser:	Musser, W.N, Wetzstein, M.E, Reece, S.Y, Musser, L.M, Varca, P.E, Chou, C.C.J
Format:	Artikel
Sprache:	eng
Schlagworte:	Agricultural economics COMPORTAMIENTO DEL CONSUMIDOR COMPORTEMENT DES CONSOMMATEURS CONSUMER BEHAVIOUR DECISION MAKING ECONOMETRIA ECONOMETRICS ECONOMETRIE Economic research Mathematical independent variables MODELE MODELOS Power functions PRISE DE DECISION Regression coefficients RIESGO RISK Risk aversion Risk aversion preference Risk preferences RISQUE Significance level TOMA DE DECISIONES Utility functions
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Zusammenfassung:	Recently, several problems with elicited utility functions have emerged. This paper concerns a fundamental problem in risk preference classification with elicited data. For the sample in this research, different functional forms resulted in reversals in preference classifications. This paper suggests that preference classifications must be interpreted with caution.
ISSN:	0162-1912 1068-5502 2327-8277 2327-8285