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Antoniou, Constantinos, Harrison, Glenn W., Lau, Morten I. and Read, Daniel (2015) Subjective Bayesian beliefs. Journal of Risk and Uncertainty, 50 (1). pp. 35-54. doi:10.1007/s11166-015-9208-5
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Official URL: http://dx.doi.org/10.1007/s11166-015-9208-5
Abstract
A large literature suggests that many individuals do not apply Bayes’ Rule when making decisions that depend on them correctly pooling prior information and sample data. We replicate and extend a classic experimental study of Bayesian updating from psychology, employing the methods of experimental economics, with careful controls for the confounding effects of risk aversion. Our results show that risk aversion significantly alters inferences on deviations from Bayes’ Rule.
| Item Type: | Journal Article | ||||||
|---|---|---|---|---|---|---|---|
| Subjects: | H Social Sciences > HB Economic Theory | ||||||
| Divisions: | Faculty of Social Sciences > Warwick Business School > Behavioural Science Faculty of Social Sciences > Warwick Business School > Finance Group Faculty of Social Sciences > Warwick Business School > Global Energy Faculty of Social Sciences > Warwick Business School |
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| Library of Congress Subject Headings (LCSH): | Bayesian statistical decision theory, Risk, Uncertainty, Experimental economics | ||||||
| Journal or Publication Title: | Journal of Risk and Uncertainty | ||||||
| Publisher: | Springer New York LLC | ||||||
| ISSN: | 0895-5646 | ||||||
| Official Date: | 21 February 2015 | ||||||
| Dates: |
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| Volume: | 50 | ||||||
| Number: | 1 | ||||||
| Page Range: | pp. 35-54 | ||||||
| DOI: | 10.1007/s11166-015-9208-5 | ||||||
| Status: | Peer Reviewed | ||||||
| Publication Status: | Published | ||||||
| Access rights to Published version: | Restricted or Subscription Access |
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