Estimating Individual and Group Preference Functionals Using Experimental Data
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http://dx.doi.org/10.1007/s11238-014-9431-6 |
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Title
Estimating Individual and Group Preference Functionals Using Experimental DataDate
2014-04Publisher
Springer VerlagBibliographic citation
MORONE, A.; MORONE, P. Estimating individual and group preference functionals using experimental data. Theory and Decision, 2014, 77.3: 403-422.Type
info:eu-repo/semantics/articlePublisher version
http://link.springer.com/article/10.1007/s11238-014-9431-6Subject
Abstract
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 403-422Rights
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