A note on concave utility functions

被引：0
|
作者：
Martin M. Monti
Simon Grant
Daniel N. Osherson
机构：
[1] Princeton University,Department of Psychology
[2] Rice University,Department of Economics
来源：
Mind & Society | 2005年 / 4卷 / 1期
关键词：
Gambling; Risk aversion; Concave utility function; Expected utility; Prospect theory;
D O I：
10.1007/s11299-005-0006-7
中图分类号：
学科分类号：
摘要：
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.
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页码：85 / 96
页数：11
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