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Mixture models of choice under risk
[Zeitschriftenartikel]
Abstract "This paper is concerned with estimating preference functionals for choice under risk from the choice behaviour of individuals. We note that there is heterogeneity in behaviour between individuals and within individuals. By ‘heterogeneity between individuals’ we mean that people are different, in te... mehr
"This paper is concerned with estimating preference functionals for choice under risk from the choice behaviour of individuals. We note that there is heterogeneity in behaviour between individuals and within individuals. By ‘heterogeneity between individuals’ we mean that people are different, in terms of both their preference functionals and their parameters for these functionals. By ‘heterogeneity within individuals’ we mean that behaviour may be different even by the same individual for the same choice problem. We propose methods of taking into account all forms of heterogeneity, concentrating particularly on using a Mixture Model to capture the heterogeneity of preference functionals." [author's abstract]... weniger
Klassifikation
Erhebungstechniken und Analysetechniken der Sozialwissenschaften
Freie Schlagwörter
Expected utility theory; Maximum simulated likelihood; Mixture models; Rank dependent expected utility theory; Heterogeneity;
Sprache Dokument
Englisch
Publikationsjahr
2009
Seitenangabe
S. 79-88
Zeitschriftentitel
Journal of Econometrics, 162 (2009) 1
DOI
https://doi.org/10.1016/j.jeconom.2009.10.011
Status
Postprint; begutachtet (peer reviewed)
Lizenz
PEER Licence Agreement (applicable only to documents from PEER project)