Loss aversion;
More loss averse than;
Nonmonetary outcomes;
Probabilistic choice;
Rank-dependent utility theory;
PROSPECT-THEORY;
UTILITY;
DECISION;
D O I:
10.1007/s00199-009-0504-7
中图分类号:
F [经济];
学科分类号:
02 ;
摘要:
Loss aversion is traditionally defined in the context of lotteries over monetary payoffs. This paper extends the notion of loss aversion to a more general setup where outcomes (consequences) may not be measurable in monetary terms and people may have fuzzy preferences over lotteries, i.e., they may choose in a probabilistic manner. The implications of loss aversion are discussed for expected utility theory and rank-dependent utility theory as well as for popular models of probabilistic choice such as the constant error/tremble model and a strong utility model (that includes the Fechner model of random errors and Luce choice model as special cases).
机构:
Santa Clara Univ, Leavey Sch Business, Dept Econ, Santa Clara, CA 95053 USASanta Clara Univ, Leavey Sch Business, Dept Econ, Santa Clara, CA 95053 USA
Shin, Dongsoo
Yun, Sungho
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机构:
Hanyang Univ ERICA, Dept Econ, Ansan 15588, Gyeonggi Do, South KoreaSanta Clara Univ, Leavey Sch Business, Dept Econ, Santa Clara, CA 95053 USA
机构:
NEOMA Business Sch, Dept Finance, 59 Rue Pierre Taittinger, F-51100 Reims, FranceNEOMA Business Sch, Dept Finance, 59 Rue Pierre Taittinger, F-51100 Reims, France