Empirical tests of stochastic binary choice models
This paper provides an experimental test of stochastic choice models of decisions. Models that admit Fechnerian structure are tested through the repeated pairwise choice problems. Results refute the Fechner hypothesis that characterizing the probability of selecting a given prospect increases in how...
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| Veröffentlicht in: | Theory and decision 2022-09, Vol.93 (2), p.259-280 |
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| creator | Pan, Addison |
| description | This paper provides an experimental test of stochastic choice models of decisions. Models that admit Fechnerian structure are tested through the repeated pairwise choice problems. Results refute the Fechner hypothesis that characterizing the probability of selecting a given prospect increases in how strongly it is preferred to alternative choices. However, the experimental data lend support to characterizing an individual’s binary choice probability as some scalable functions of the von Neumann–Morgenstern utilities in the risky context. |
| doi_str_mv | 10.1007/s11238-021-09843-y |
| format | Article |
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| subjects | Behavioral/Experimental Economics Decision making models Economic Theory/Quantitative Economics/Mathematical Methods Economics Economics and Finance Expected utility Finance Game Theory Insurance Management Operations Research/Decision Theory Probability Probability theory Social and Behav. Sciences Statistics for Business Utility functions |
| title | Empirical tests of stochastic binary choice models |
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