Tests of theories of decision making: Violations of branch independence and distribution independence

被引:101
作者
Birnbaum, MH [1 ]
Chavez, A [1 ]
机构
[1] INST MATH BEHAV SCI,IRVINE,CA
基金
美国国家科学基金会;
关键词
Allais paradox; branch independence; comonotonic independence; cumulative prospect theory; configural weighting; distribution independence; Ellsberg paradox; expected utility theory; independence; interval independence; rank dependent utility; Savage's axiom; subjective expected utility; sure-thing principle; outcome independence; weighting function;
D O I
10.1006/obhd.1997.2721
中图分类号
B849 [应用心理学];
学科分类号
040203 ;
摘要
This paper investigates two behavioral properties of choices between gambles: branch independence and distribution independence, Branch independence is the assumption that probability-outcome branches that are identical in two gambles being compared should have no effect on preference order, In the test of distribution independence, two middle outcomes of fixed probability are sandwiched between two extreme outcomes, common to both gambles, whose probabilities are varied, Distribution independence requires that preference order should be independent of the probability distribution of these common outcomes., Distribution independence is implied by original prospect theory and the configural weight model of Birnbaum and McIntosh (1996), For both properties, patterns of violations are opposite those predicted by the inverse-S weighting function used in the model of cumulative prospect theory by Tversky and Kahneman (1992). (C) 1997 Academic Press.
引用
收藏
页码:161 / 194
页数:34
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