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Recent Tests of Generalizations of Expected Utility Theory

Camerer, Colin F. (1992) Recent Tests of Generalizations of Expected Utility Theory. In: Utility Theories: Measurements and Applications. Studies in Risk and Uncertainty. Kluwer Academic Publishers , Boston, MA, pp. 207-251. ISBN 9780792392262 http://resolver.caltech.edu/CaltechAUTHORS:20110218-145513454

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Abstract

To accomodate patterns of preference that violate expected utility (EU), many theories have been developed in which the EU axioms are weakened or replaced. All these theories were developed to explain the same small body of evidence (of which the Allais paradoxes are the most famous); new studies are needed to distinguish among the theories. I will review several such studies, all of them experimental. The goal is to give a fresh snapshot of where EU, and the competing theories designed to replace it, describe actual choices poorly. Readers can judge for themselves whether EU fails badly enough to require replacement, and which replacement theories are worth exploring.


Item Type:Book Section
Additional Information:© 1992 Kluwer Academic Publishers. I am grateful for helpful comments from Ward Edwards, John Kagel, an anonymous referee, and participants in the Santa Cruz conference and seminars at the University of Minnesota, Harvard University, the Johns Hopkins University, the University of Pennsylvania, and the University of Pittsburgh. Lisabeth Miller and Brian Schwartz helped run the experiments.
Record Number:CaltechAUTHORS:20110218-145513454
Persistent URL:http://resolver.caltech.edu/CaltechAUTHORS:20110218-145513454
Usage Policy:No commercial reproduction, distribution, display or performance rights in this work are provided.
ID Code:22388
Collection:CaltechAUTHORS
Deposited By: Tony Diaz
Deposited On:09 Mar 2011 18:01
Last Modified:09 Mar 2011 18:01

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