Estimating Individual and Group Preference Functionals Using Experimental Data
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http://dx.doi.org/10.1007/s11238-014-9431-6 |
Metadatos
Título
Estimating Individual and Group Preference Functionals Using Experimental DataFecha de publicación
2014-04Editor
Springer VerlagCita bibliográfica
MORONE, A.; MORONE, P. Estimating individual and group preference functionals using experimental data. Theory and Decision, 2014, 77.3: 403-422.Tipo de documento
info:eu-repo/semantics/articleVersión de la editorial
http://link.springer.com/article/10.1007/s11238-014-9431-6Palabras clave / Materias
Resumen
In this paper, the empirical performance of several preference functionals is assessed using individual and group experimental data. We investigate if there is a risky choice theory that fits group decisions better ... [+]
In this paper, the empirical performance of several preference functionals is assessed using individual and group experimental data. We investigate if there is a risky choice theory that fits group decisions better than alternative theories, and if there are significant differences between individual and group choices. Experimental findings reported in this paper provide answers to both of those questions showing that expected utility gains a “winning” position over higher-level functionals (we considered disappoint aversion and two variants of rank-dependent utility) when risky choices are undertaken by individuals as well as by small groups. However, in the group experiment, alternatives (and, most notably, disappoint aversion) improve their relative performance, a fact that hints at the existence of differences between individual and group choices. We interpreted this result as evidence that feelings-like disappointment aversion become stronger in group decision. [-]
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Theory and Decision October 2014, Volume 77, Issue 3, pp 403-422Derechos de acceso
© Springer International Publishing AG, Part of Springer Science+Business Media
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