Dynamic Choice and the Common Ratio Effect: An Experimental Investigation
Dynamic Choice and the Common Ratio Effect: An Experimental Investigation
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动态选择和共同比率效应：实验研究
DOI：
10.1111/1468-0297.00346
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发表时间：
1998
期刊：
影响因子：
--
通讯作者：
R. Sugden
中科院分区：
文献类型：
--
作者：
Robin P. Cubitt;C. Starmer;R. Sugden
共同比率效应是对预期效用理论的充分证明的违反。本文使用动态选择的四个原则来描述可供选择的解释效果的理论策略。它报告了一个实验，该实验测试了这些原理，并由此暗示了几个众所周知的关于共同比率效应的解释。与以前的工作不同，实验设计使用了真正的经济激励，而不预先假设任何动态选择原则。作者发现，这违反了“时间独立”原则，这是大多数现有的动态选择理论的一部分。他们研究了这一发现对决策理论和经济学的影响。
The common ratio effect is a well-attested violation of expected utility theory. This paper uses four principles of dynamic choice to characterize alternative theoretical strategies for explaining the effect. It reports an experiment which tests these principles and, by implication, several well-known accounts of the common ratio effect. Unlike previous work, the experimental design uses real financial incentives without presupposing any dynamic choice principles. The authors find violation of a principle of 'timing independence' which is part of most existing theories of dynamic choice. They examine the implications of this finding for decision theory and economics.