MODELS OF STOCHASTIC CHOICE AND DECISION THEORIES: WHY BOTH ARE IMPORTANT FOR ANALYZING DECISIONS

被引：64

作者：

Blavatskyy, Pavlo R. ^{[1
]}

Pogrebna, Ganna ^{[2
]}

机构：

[1] Univ Innsbruck, Inst Publ Finance, A-6020 Innsbruck, Austria

[2] Columbia Univ, Inst Social & Econ Res & Policy, New York, NY USA

来源：

JOURNAL OF APPLIED ECONOMETRICS | 2010年 / 25卷 / 06期

关键词：

GENERALIZED EXPECTED UTILITY; RISK-AVERSION; ERROR;

D O I：

10.1002/jae.1116

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We select a menu of seven popular decision theories and embed each theory in live models of stochastic choice. including tremble. Fechner and random utility model We find that the estimated parameters of decision theories differ significantly when theories are combined with different models Depending on the selected model of stochastic choice we obtain different rankings of decision theories with regard to then goodness of fit to the data The fit of all analyzed decision theories improves significantly when they are embedded in a Fechner model of heteroscedastic truncated errors or a random utility model. Copyright (C) 2009 John Wiley & Sons. Ltd.

引用

页码：963 / 986

页数：24

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