期刊
QUANTITATIVE ECONOMICS
卷 13, 期 2, 页码 761-786出版社
WILEY
DOI: 10.3982/QE1694
关键词
Risk preferences; preference for randomization; stochastic choice; revealed preferences
类别
资金
- National Science Foundation's Dissertation Improvement [1824121]
- Direct For Social, Behav & Economic Scie
- Divn Of Social and Economic Sciences [1824121] Funding Source: National Science Foundation
Using a revealed preference approach, the study investigates individuals' choices in the domain of risk and finds that many people prefer mixtures of lotteries over expected utility behavior. The study also explores the correlation between the preference to choose mixtures and the preference for randomization.
Using a revealed preference approach, we conduct an experiment where subjects make choices from linear convex budgets in the domain of risk. We find that many individuals prefer mixtures of lotteries in ways that systematically rule out expected utility behavior. We explore the extent to which an individual's preference to choose mixtures is related to a preference for randomization by comparing choices from a convex choice task to the decisions made in a repeated discrete choice task. We find that a preference to mix is positively correlated with behavior from repeated discrete choice tasks.
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