Utility functions for nonmonetary events  

Oleh:

Galanter, Eugene

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The American Journal of Psychology vol. 103 no. 4 (1990), page 449.
Topik: Utility; Monetary; Experiments
Fulltext: 1423318.pdf (2.01MB)

Isi artikel

Six experiments are described that use magnitude estimation methods to characterize a nonlinear (approximately square root) utility function for money. These same methods can be used to assign utilities to nonmonetary events and objects. The procedures permit a translation between the utility of such events and their monetary equivalents. The measure represents the incremental utilities of outcomes from a current neutral position. Positive returns grow more slowly than negative-it is a pessimist's world. These utility measures are consonant with the form of the utility function hypothesized by Kahneman and Tversky (1979).

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