IRIS - Institutional Research Information System
IRIS è il sistema di gestione integrata dei dati della ricerca adottato dalla Luiss Guido Carli. Il Catalogo dei prodotti della ricerca della Luiss raccoglie e rende disponibile, dove possibile nel rispetto del diritto d'autore, la produzione scientifica dei docenti e ricercatori dell'Ateneo. Il Catalogo alimenta inoltre i siti docenti del MIUR.
EnglishWe use data from 298 showings of the television program "Affari Tuoi," which involves contestants making decisions between risky prospects with possible prizes of up to half a million euros, to estimate three models of decision-making under risk: Expected Utility, Rank-Dependent Expected Utility and Regret-Rejoice. We find that Regret-Rejoice does not significantly improve upon Expected Utility, while Rank-Dependent outperforms it. Interestingly, we find that the CARA specification fits significantly better than the conventionally-adopted CRRA specification. Crucially, we find a significant role for unobserved heterogeneity, implying that our estimates provide more superior estimates of risk attitude and of probability weighting than other studies.
Risk Attitude in Real Decision Problems / DI CAGNO, DANIELA TERESA; F., Botti; A., Conte; C., D'Ippoliti. - In: THE B.E. JOURNAL OF ECONOMIC ANALYSIS & POLICY. - ISSN 1935-1682. - 8:(2008), pp. "1"-"30".
| Titolo: | Risk Attitude in Real Decision Problems | |
| Autori: | ||
| Data di pubblicazione: | 2008 | |
| Rivista: | ||
| Citazione: | Risk Attitude in Real Decision Problems / DI CAGNO, DANIELA TERESA; F., Botti; A., Conte; C., D'Ippoliti. - In: THE B.E. JOURNAL OF ECONOMIC ANALYSIS & POLICY. - ISSN 1935-1682. - 8:(2008), pp. "1"-"30". | |
| Abstract: | We use data from 298 showings of the television program "Affari Tuoi," which involves contestants making decisions between risky prospects with possible prizes of up to half a million euros, to estimate three models of decision-making under risk: Expected Utility, Rank-Dependent Expected Utility and Regret-Rejoice. We find that Regret-Rejoice does not significantly improve upon Expected Utility, while Rank-Dependent outperforms it. Interestingly, we find that the CARA specification fits significantly better than the conventionally-adopted CRRA specification. Crucially, we find a significant role for unobserved heterogeneity, implying that our estimates provide more superior estimates of risk attitude and of probability weighting than other studies. | |
| Handle: | http://hdl.handle.net/11385/3616 | |
| Appare nelle tipologie: | 01.1 - Articolo su rivista (Article) |
File in questo prodotto:
| File | Descrizione | Tipologia | Licenza | |
|---|---|---|---|---|
| 3616.pdf | Documento in Post-print | DRM non definito | Administrator |
Pubblicazioni consigliate
Copyright © 2022