On the Origin of Utility, Weighting, and Discounting Functions: How They Get Their Shapes and How to Change Their Shapes
On the Origin of Utility, Weighting, and Discounting Functions: How They Get Their Shapes and How to Change Their Shapes
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DOI：
10.1287/mnsc.2013.1853
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发表时间：
2015-03-01
影响因子：
5.4
通讯作者：
Harris, Adam J. L.
中科院分区：
文献类型：
--
作者：
Stewart, Neil;Reimers, Stian;Harris, Adam J. L.
我们提出了一个理论帐户的起源形状的效用，概率加权和时间贴现函数。在对该理论的实验测试中，我们通过操纵货币的分布、概率和用于引出它们的选择的延迟，系统地改变了显示效用、权重和贴现函数的形状。数据表明，属性值与其主观等效值之间没有稳定的映射。期望效用理论和贴现效用理论，以及它们的后代，如前景理论和双曲贴现理论，只是简单地断言稳定映射来描述选择数据，而没有考虑我们发现的不稳定性。我们解释了映射的形状来自哪里，并在描述人们选择的机制时，解释了为什么形状取决于环境中收益、损失、风险和延迟的分布。
We present a theoretical account of the origin of the shapes of utility, probability weighting, and temporal discounting functions. In an experimental test of the theory, we systematically change the shape of revealed utility, weighting, and discounting functions by manipulating the distribution of monies, probabilities, and delays in the choices used to elicit them. The data demonstrate that there is no stable mapping between attribute values and their subjective equivalents. Expected and discounted utility theories, and also their descendants such as prospect theory and hyperbolic discounting theory, simply assert stable mappings to describe choice data and offer no account of the instability we find. We explain where the shape of the mapping comes from and, in describing the mechanism by which people choose, explain why the shape depends on the distribution of gains, losses, risks, and delays in the environment.