Probabilities Vs Money: A Test Of Some Fundamental Assumptions About Rational Decision Making  

Oleh:

Loomes, Graham

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Economic Journal (EBSCO) vol. 108 no. 447 (Apr. 1998), page 477-489.
Fulltext: 477.pdf (183.77KB)

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This paper describes an experiment where respondents were asked to tackle two decision tasks which were very similar in structure, but which differed in that one problem involved direct money payoffs while the other involved payoffs in the form of probabilities of winning a given sum of money. According to most decision models, most risk averse individuals might be expected to behave quite differently under the two conditions. But the behaviour actually observed does not accord with this expectation. The paper discusses possible reasons for this and the potential implications of such findings.

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