Different experimental procedures for obtaining valuations of risky actions: Implications for utility theory |
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Authors: | Graham Loomes |
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Affiliation: | (1) Dept. of Economics and Related Studies, University of York, Y0I 5DD York, UK |
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Abstract: | Three different methods of obtaining certainty equivalent valuations of four simple gambles were used with a sample of 358 people paid entirely according to their decisions. The results caution against oversimplistic utility models, and exhibit various characteristics that invite further investigation, including: a marked tendency to round valuations up or down; a tendency to value riskier actions more highly than less risky actions; and multimodal distributions of valuations which, despite their unusual shape, appeared to constitute an identifiable pattern of behaviour. |
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Keywords: | Evaluating risk certainty equivalence utility theory |
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