Neoclassical theory versus prospect theory: Evidence from the marketplace
Neoclassical theory versus prospect theory: Evidence from the marketplace
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DOI：
10.1111/j.1468-0262.2004.00502.x
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发表时间：
2004-03-01
期刊：
影响因子：
6.1
通讯作者：
List, JA
中科院分区：
文献类型：
--
作者：
List, JA
几项实验研究提供的证据表明，无差异曲线在当前的捐赠水平附近有一个拐点。这些结果显然与人们所持有的经济学理论相矛盾，导致一些有影响力的评论家呼吁用一种全新的经济学范式来取代传统的新古典主义理论，前景理论，这引起了心理效应。本文通过调查来自375个积极参与一个运转良好的市场的主体的数据，使新古典理论与前景理论对立起来。结果的模式表明，前景理论充分组织无经验的消费者的行为，但消费者与激烈的市场经验的行为在很大程度上与新古典主义的预测。此外，数据是一致的概念，即消费者学会克服禀赋效应的情况下超出了他们以前遇到的具体问题。这种跨领域的“行为转移”在积极意义和规范意义上都有重要的影响。
Several experimental studies have provided evidence that suggest indifference curves have a kink around the current endowment level. These results, which clearly contradict closely held economic doctrines, have led some influential commentators to call for an entirely new economic paradigm to displace conventional neoclassical theory-e.g., prospect theory, which invokes psychological effects. This paper pits neoclassical theory against prospect theory by investigating data drawn from more than 375 subjects actively participating in a well-functioning marketplace. The pattern of results suggests that prospect theory adequately organizes behavior among inexperienced consumers, but consumers with intense market experience behave largely in accordance with neoclassical predictions. Moreover, the data are consistent with the notion that consumers learn to overcome the endowment effect in situations beyond specific problems they have previously encountered. This "transference of behavior" across domains has important implications in both a positive and normative sense.