Developments in Non-Expected Utility Theory: The Hunt for a Descriptive Theory of Choice under Risk

Journal of Economic Literature - Tập 38 Số 2 - Trang 332-382 - 2000
Chris Starmer1
1University of East Anglia, Norwich

Tóm tắt

This article reviews recent developments in the economic theory of individual decision making under risk. Since the 1950s it has been known that individual choices violate the standard model of expected utility in predictable ways. Considerable research effort has now been devoted to the project of developing a superior descriptive model. Following an overview of non-expected utility theories which distinguishes between “conventional” and “non-conventional” approaches, the paper seeks to assess these alternative models in terms of empirical success (using laboratory and field data) and theoretical usefulness. The closing sections reflect on some new directions emerging in this literature.

Từ khóa


Tài liệu tham khảo

10.1086/260600

10.2307/1907921

10.1111/j.1468-0297.1997.tb00009.x

10.1162/003355397555262

10.1007/BF00213259

10.1023/A:1007721327452

10.1002/bs.3830080106

Becker Joao L, 1987, Sci., 33, 1367

10.1287/opre.30.5.961

10.1287/opre.33.1.1

10.2307/2118511

10.2307/1909829

10.1023/A:1007739200913

10.2307/1423391

10.1006/obhd.1998.2816

10.1023/A:1007734401982

10.1023/A:1007764411446

10.1006/jeth.1997.2319

10.1007/BF00055711

10.1007/978-94-011-2952-7_9

10.1023/A:1009944326196

10.1007/BF01065371

10.1016/S0165-1765(97)00244-9

10.1007/BF01073404

10.2307/1912052

10.1007/BF02283525

10.1016/0022-0531(89)90079-3

10.2307/2938244

10.1006/jeth.1993.1011

10.1016/0022-0531(87)90093-7

10.1016/0022-2496(86)90042-8

10.1007/BF01098959

Conlisk John, 1989, Amer. Econ. Rev., 79, 392

Conlisk John, 1996, J. Econ. Lit., 34, 669

10.1007/BF01213657

10.1016/0022-0531(90)90088-2

10.1093/oxfordjournals.oep.a028555

10.1111/1468-0297.00346

10.1023/A:1026435508449

10.1111/1467-937X.00067

10.1016/0022-0531(86)90076-1

10.1016/0022-0531(91)90039-7

10.1037/h0041692

10.1037/h0038674

10.1086/261836

10.2307/1913778

10.1016/0304-3932(90)90004-N

10.1086/261750

10.1086/262085

10.1086/260670

10.1016/0022-2496(82)90034-7

10.1016/0022-0531(83)90079-0

10.1007/BF01075236

10.1006/cogp.1998.0710

10.1007/BF00117641

10.2307/2938223

10.1086/260547

10.1007/BF00129168

10.1016/0167-2681(92)90017-6

10.2307/2951749

10.1162/003355399556089

10.1002/(SICI)1099-0771(199809)11:3<181::AID-BDM295>3.0.CO;2-T

10.2307/2951750

Holt Charles A, 1986, Amer. Econ. Rev., 76, 508

10.1007/BF01207789

10.1016/S0165-1765(98)00156-6

10.2307/1914185

10.1016/0030-5073(78)90039-9

10.1007/BF01098957

10.2307/1913606

10.2307/2297556

10.1007/BF02283533

10.1016/0022-0531(90)90024-E

10.1016/0167-2681(86)90022-3

Knetsch Jack L, 1989, Amer. Econ. Rev., 79, 1277

10.2307/1885962

10.1016/S0167-2681(95)90015-2

Leland J.W., 1998, Sci., 44, 659

10.1037/h0031207

10.1037/h0031208

10.2307/2235159

10.2307/2234076

10.2307/2938263

10.2307/2555063

10.2307/2232669

Loomes Graham, 1983, Amer. Econ. Rev., 73, 428

10.2307/2297651

10.1016/0022-0531(87)90020-2

10.1016/0014-2921(94)00071-7

10.1111/1468-0335.00147

10.2307/2234520

10.1007/BF00057885

10.2307/1912631

10.1257/jep.1.1.121

10.1016/0022-0531(89)90025-2

Machina Mark J, 1989, J. Econ. Lit., 27, 1622

Machina Mark J, 1994, J. Econ. Lit., 32, 1237

10.1007/BF01098956

10.2307/1907264

10.1016/0304-3932(85)90061-3

10.1056/NEJM198205273062103

10.1111/j.1540-5915.1974.tb00610.x

10.1086/259427

Myagkov Mikhail, 1997, Amer. Econ. Rev., 87, 801

10.1016/0167-2681(92)90090-X

10.1016/0165-1765(92)90260-6

Nelson Richard R, 1995, J. Econ. Lit., 33, 48

10.2307/2998573

10.2307/1416964

10.1016/0167-2681(82)90008-7

10.1007/BF00056160

10.2307/2554972

10.1007/BF01065370

Rachlinski Jeffrey J, 1996, South. Cal. Law Rev., 70, 113

10.1016/0022-0531(88)90154-8

10.1007/BF00055564

Schoemaker Paul, 1982, J. Econ. Lit., 20, 529

Segal Uzi, 1988, Amer. Econ. Rev., 78, 233

10.2307/253329

10.1007/BF02283529

10.2307/2938207

10.1007/BF01065353

10.1006/jeth.1996.2204

10.1016/0022-0531(90)90053-M

10.1016/0165-1765(88)90174-7

10.2307/1884852

10.1037/0003-066X.50.5.364

10.1002/bs.3830190603

10.1016/0168-8510(96)00824-X

Smith Vernon, 1976, Amer. Econ. Rev. Proceedings, 274

10.2307/2297999

10.1023/A:1004930205037

10.1080/13501789900000001

10.1007/BF02283515

Starmer Chris, 1991, Amer. Econ. Rev., 81, 971

10.1007/BF01072613

10.1111/1468-0335.00133

10.1111/j.1467-8586.1986.tb00199.x

10.2307/2233854

10.1006/jeth.1993.1039

10.1016/0167-2681(80)90051-7

10.1257/jep.2.2.161

10.2307/2234974

10.1037/h0026750

10.1126/science.7455683

10.1086/296365

10.2307/2937956

10.1007/BF00122574

10.1037/0033-295X.101.4.547

Tversky Paul Slovic, 1990, Amer. Econ. Rev., 80, 204

10.1257/jep.4.2.201

10.2307/2171769

10.1007/BF00209389

10.1007/BF01075296

Wakker Peter P, 1996, Sci., 42, 1131

10.1007/BF01064200

10.1023/A:1007799303256

Weber Franz Eisenführ, 1988, Sci., 34, 431

10.1057/gpp.1986.16

Weinstein Milton C, 1983, Nat. Resources J., 23, 659

10.1007/BF01073402

10.1023/A:1004990410083

10.1287/mnsc.42.12.1676

10.2307/1911158