Exchange Economies and Loss Exposure: Experiments Exploring Prospect Theory and Competitive Equilibria in Market Environments
Exchange Economies and Loss Exposure: Experiments Exploring Prospect Theory and Competitive Equilibria in Market Environments
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交换经济和损失暴露：探索市场环境中的前景理论和竞争均衡的实验
DOI：
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发表时间：
1997
期刊：
影响因子：
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通讯作者：
C. Plott
中科院分区：
文献类型：
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作者：
M. Myagkov;C. Plott
交易所经济被创造出来，个人面临损失。如果人们在损失中寻求风险，正如前景理论所预测的那样，那么由于非凸性，竞争均衡都在Edgeworth盒的边界上。实验结果表明，风险寻求行为在许多人中被观察到，并如预测的那样出现在市场中。此外，市场行为与假设问卷的答案一致。与前景理论相反，风险寻求似乎会随着经验而减少：市场环境中的偏好并不不稳定;风险寻求偏好不仅仅是框架效应的结果。版权所有1997年美国经济协会。
Exchange economies were created in which individuals faced losses. If people are risk seeking in the losses, as predicted by prospect theory, then due to the nonconvexity, the competitive equilibria are all on the boundaries of the Edgeworth box. The experimental results are that risk-seeking behavior is observed in many people and appears in markets as predicted. In addition, market behavior is consistent with answers to hypothetical questionnaires. Contrary to prospect theory, risk seeking seems to diminish with experience: preferences in the market setting are not labile; and risk-seeking preferences are not simply a result of framing effects. Copyright 1997 by American Economic Association.