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Testing the expected utility maximization hypothesis with limited experimental data [An article from: Japan & The World Economy]
Description
This digital document is a journal article from Japan & The World Economy, published by Elsevier in 2004. The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.
Description:
In this article we use some old ideas of Franklin to derive the partial differential equation (St Robert Equation) characterizing the level curves of expected utility maximizing preferences over simple gambles. We also provide conditions under which an incomplete family of level curves permits an investigator to determine whether or not the subject maximizes expected utility and if so under what conditions preferences can be recovered uniquely.
Description:
In this article we use some old ideas of Franklin to derive the partial differential equation (St Robert Equation) characterizing the level curves of expected utility maximizing preferences over simple gambles. We also provide conditions under which an incomplete family of level curves permits an investigator to determine whether or not the subject maximizes expected utility and if so under what conditions preferences can be recovered uniquely.
