The empirical relationship between nonstandard economic behaviors.
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ABSTRACT:
SUBMITTER: Dean M
PROVIDER: S-EPMC6697808 | biostudies-literature | 2019 Aug
REPOSITORIES: biostudies-literature
Publications
The empirical relationship between nonstandard economic behaviors.
Proceedings of the National Academy of Sciences of the United States of America 20190726 33
We study the joint distribution of 11 behavioral phenomena in a group of 190 laboratory subjects and compare it to the predictions of existing models as a step in the development of a parsimonious, general model of economic choice. We find strong correlations between most measures of risk and time preference, between compound lottery and ambiguity aversion, and between loss aversion and the endowment effect. Our results support some, but not all attempts to unify behavioral economic phenomena. O ...[more]
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