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Andrea Isoni 《Theory and Decision》2011,71(3):409-430
Several experimental studies have reported that an otherwise robust regularity—the disparity between Willingness-To-Accept
and Willingness-To-Pay—tends to be greatly reduced in repeated markets, posing a serious challenge to existing reference-dependent and reference-independent models alike. This article offers a new account of the evidence, based on the assumptions that individuals are affected by
good and bad deals relative to the expected transaction price (price sensitivity), with bad deals having a larger impact on their utility (`bad-deal’ aversion). These features of preferences explain the existing evidence better than alternative approaches, including the most recent
developments of loss aversion models. 相似文献
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Navarro-Martinez Daniel Loomes Graham Isoni Andrea Butler David Alaoui Larbi 《Journal of Risk and Uncertainty》2018,57(3):199-223
We build a satisficing model of choice under risk which embeds Expected Utility Theory (EUT) into a boundedly rational deliberation process. The decision maker accumulates evidence for and against alternative options by repeatedly sampling from her underlying set of EU preferences until the evidence favouring one option satisfies her desired level of confidence. Despite its EUT core, the model produces patterns of behaviour that violate standard EUT axioms, while at the same time capturing systematic relationships between choice probabilities, response times and confidence judgments, which are beyond the scope of theories that do not take deliberation into account.
相似文献3.
Models of stochastic choice are intended to capture the substantial amount of noise observed in decisions under risk. We present an experimental test of one model, which many regard as the default—the Basic Fechner model. We consider one of the model’s key assumptions—that the noise around the subjective value of a risky option is independent of other features of the decision problem. We find that this assumption is systematically violated. However the main patterns in our data can be accommodated by a more recent variant of the Fechner model, or within the random preference framework. 相似文献
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