Consistency and Heterogeneity of Individual Behavior under Uncertainty
通过简单投资组合选择的图形化实验，收集丰富个体数据，检验最大化假设的一致性，并用双参数效用函数估计偏好，揭示实验室中高度异质的行为及总体风险偏好分布。
By using graphical representations of simple portfolio choice problems, we generate a very rich dataset to study behavior under uncertainty at the level of the individual subject. We test the data for consistency with the maximization hypothesis, and we estimate preferences using a two-parameter utility function based on Faruk Gul (1991). This specification provides a good interpretation of the data at the individual level and can account for the highly heterogeneous behaviors observed in the laboratory. The parameter estimates jointly describe attitudes toward risk and allow us to characterize the distribution of risk preferences in the population.