The Library
On the origin of utility, weighting, and discounting functions : How they get their shapes and how to change their shapes
Tools
Stewart, Neil, Riemers, Stian and Harris, Adam J. L. (2017) On the origin of utility, weighting, and discounting functions : How they get their shapes and how to change their shapes. [Dataset]
Research output not available from this repository.
Request-a-Copy directly from author or use local Library Get it For Me service.
Official URL: https://doi.org/10.5255/UKDA-SN-852950
Abstract
We present a theoretical account of the origin of the shapes of utility, probability weighting, and temporal discounting functions. In an experimental test of the theory, we systematically change the shape of revealed utility, weighting, and discounting functions by manipulating the distribution of monies, probabilities, and delays in the choices used to elicit them. The data demonstrate that there is no stable mapping between attribute values and their subjective equivalents. Expected and discounted utility theories, and also their descendants such as prospect theory and hyperbolic discounting theory, simply assert stable mappings to describe choice data and offer no account of the instability we find. We explain where the shape of the mapping comes from and, in describing the mechanism by which people choose, explain why the shape depends on the distribution of gains, losses, risks, and delays in the environment.
Item Type: | Dataset | ||||||
---|---|---|---|---|---|---|---|
Subjects: | B Philosophy. Psychology. Religion > BF Psychology | ||||||
Divisions: | Faculty of Social Sciences > Economics | ||||||
Type of Data: | Experimental data | ||||||
Library of Congress Subject Headings (LCSH): | Probabilities, Rationalization (Psychology), Behaviorism (Psychology), Delay discounting (Psychology), Decision making, Risk | ||||||
Publisher: | University of Warwick, Department of Economics | ||||||
Official Date: | 24 November 2017 | ||||||
Dates: |
|
||||||
Collection date: |
|
||||||
Status: | Not Peer Reviewed | ||||||
Publication Status: | Published | ||||||
Media of Output (format): | .csv | ||||||
Access rights to Published version: | Open Access (Creative Commons) | ||||||
Copyright Holders: | University of Warwick | ||||||
Description: | Data record consists of a zip archive containing the relevant data files, a documentation file describing the experiments undertaken, and a readme file. Data files within the archive are in .csv format and are described by the accompanying readme. |
||||||
RIOXX Funder/Project Grant: |
|
||||||
Related URLs: | |||||||
Contributors: |
|
Request changes or add full text files to a record
Repository staff actions (login required)
View Item |