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:
Rutgers Business Sch Newark & New Brunswick, 1 Washington Pk, Newark, NJ 07016 USARutgers Business Sch Newark & New Brunswick, 1 Washington Pk, Newark, NJ 07016 USA
Durante, Kristina M.
Griskevicius, Vladas
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机构:
Univ Minnesota, Carlson Sch Management, Mkt Dept, Minneapolis, MN 55455 USARutgers Business Sch Newark & New Brunswick, 1 Washington Pk, Newark, NJ 07016 USA
Griskevicius, Vladas
Ulu, Sevincgul
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机构:
New Jersey City Univ, NJCU Sch Business, Harborside 2,200 Hudson St, Jersey City, NJ 07311 USARutgers Business Sch Newark & New Brunswick, 1 Washington Pk, Newark, NJ 07016 USA
机构:
Indian Inst Technol Delhi, Dept Humanities & Social Sci, New Delhi 110016, IndiaIndian Inst Technol Delhi, Dept Humanities & Social Sci, New Delhi 110016, India
Mukherjee, Sumitava
Khan, Ouroz
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机构:
Indian Inst Technol Delhi, Dept Humanities & Social Sci, New Delhi 110016, IndiaIndian Inst Technol Delhi, Dept Humanities & Social Sci, New Delhi 110016, India
Khan, Ouroz
Srinivasan, Narayanan
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机构:
Indian Inst Technol Kanpur, Dept Cognit Sci, Kanpur, IndiaIndian Inst Technol Delhi, Dept Humanities & Social Sci, New Delhi 110016, India
机构:
Univ Bayreuth, Inst Math, Fak Math & Phys, D-95440 Bayreuth, GermanyNew Sch Social Res, Dept Econ, New York, NY 10003 USA
Gruene, Lars
Semmler, Willi
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机构:
New Sch Social Res, Dept Econ, New York, NY 10003 USA
Univ Bielefeld, Ctr Empir Macroecon, D-4800 Bielefeld, GermanyNew Sch Social Res, Dept Econ, New York, NY 10003 USA