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A Further Examination of Cumulative Prospect Theory Parameterizations
Recent experimental studies have focused on fitting parameterized functional forms to cumulative prospect theory's weighting function. This paper examines the behavioral implications of theExpand
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Higher-order generalizations of Arrow-Pratt and Ross risk aversion: A comparative statics approach
TLDR
We analyze comparative risk aversion in a new way, through a comparative statics problem in which, for a cost, agents can shift from an initial probability distribution toward a preferred distribution. Expand
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Some mixed results on boundary effects
Abstract Recent experimental evidence suggests that expected utility theory performs well when all lotteries have the same number of probable outcomes. A straightforward model designed to accommodateExpand
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Comparative Risk Sensitivity with Reference-Dependent Preferences
Experimental evidence suggests that individuals are risk averse over gains and risk seeking over losses (i.e., they have S-shaped utility functions in an expected utility setting) and that they areExpand
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The Ross Characterization of Risk Aversion: Strengthening and Extension
This paper offers an interpretive comparison of the Arrow-Pratt and Ross characterizations of comparative risk aversion for expected utility maximizers. The tools used in this comparison are thenExpand
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Axiomatic reference-dependence in behavior toward others and toward risk
Summary.This paper considers the applicability of the standard separability axiom for both risk and other-regarding preferences, and advances arguments why separability might fail. An alternativeExpand
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Piece-Rate Contracts for Other-Regarding Workers
When workers are paid with piece rates, inequality arises naturally. We consider workers who care about income comparisons and are either status seeking or inequality averse. We identifyExpand
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On criminals' risk attitudes
Abstract If criminals are expected utility maximizers and more sensitive to changes in the certainty than the severity of punishment, they must be risk preferrers. We show that risk aversion is notExpand
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Explaining Subjective Risks of Hurricanes and the Role of Risks in Intended Moving and Location Choice Models
Using stated choice survey data we report on subjects’ perceptions of the risks of hurricanes and intended relocation decisions when faced with such risks. All of the subjects were displaced byExpand
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Beliefs About Other-Regarding Preferences in a Sequential Public Goods Game
Experimental evidence is used to deduce players' beliefs about their opponents' concern for others. The experiment is a sequential public good provision game with a provision point and two differentExpand
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