Measuring Loss Aversion under Ambiguity: A Method to Make Prospect Theory Completely Observable
Measuring Loss Aversion under Ambiguity: A Method to Make Prospect Theory Completely Observable
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DOI：
10.2139/ssrn.2318352
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发表时间：
2016-02
影响因子：
4.7
通讯作者：
M. Abdellaoui;H. Bleichrodt;Olivier L’Haridon;D. Dolder
中科院分区：
文献类型：
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作者：
M. Abdellaoui;H. Bleichrodt;Olivier L’Haridon;D. Dolder
我们提出了一种简单的，无参数的方法，这首先可以完全观察Tversky和Kahneman（1992）的前景理论。测量歧义下的损失的方法。前景理论的测试。通过前景理论和符号 - 主流权衡一致性，前景理论的中心条件。
We propose a simple, parameter-free method that, for the first time, makes it possible to completely observe Tversky and Kahneman’s (1992) prospect theory. While methods exist to measure event weighting and the utility for gains and losses separately, there was no method to measure loss aversion under ambiguity. Our method allows this and thereby it can measure prospect theory’s entire utility function. Consequently, we can properly identify properties of utility and perform new tests of prospect theory. We implemented our method in an experiment and obtained support for prospect theory. Utility was concave for gains and convex for losses and there was substantial loss aversion. Both utility and loss aversion were the same for risk and ambiguity, as assumed by prospect theory, and sign-comonotonic trade-off consistency, the central condition of prospect theory, held.