A note on concave utility functions
A note on concave utility functions
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关于凹效用函数的注释
DOI：
10.1007/s11299-005-0006-7
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发表时间：
2005
期刊：
影响因子：
--
通讯作者：
D. Osherson
中科院分区：
文献类型：
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作者：
Martin M. Monti;S. Grant;D. Osherson
经典的货币偏好理论将人们描述为具有凹效用函数的期望效用最大化者。对这一解释的批评者往往依赖于对广泛的总财富偏好的假设。我们推导出一个预测的理论，承担在任何固定的财富水平的赌注，并测试预测的行为。我们的结果与经典的解释是不一致的。竞争的理论也检查根据我们的数据。
The classical theory of preference among monetary bets represents people as expected utility maximizers with concave utility functions. Critics of this account often rely on assumptions about preferences over wide ranges of total wealth. We derive a prediction of the theory that bears on bets at any fixed level of wealth, and test the prediction behaviorally. Our results are discrepant with the classical account. Competing theories are also examined in light of our data.