Choice under Uncertainty: Evidence from Ethiopia, India and Uganda
利用埃塞俄比亚、印度和乌干达贫困被试的风险选择实验数据，发现约一半人符合期望效用理论，另一半则遵循前景理论，且风险偏好推断因模型而异。
We review experimental evidence collected from risky choice experiments using poor subjects in Ethiopia, India and Uganda. Using these data we estimate that just over 50% of our sample behaves in accordance with expected utility theory and that the rest subjectively weight probability according to prospect theory. Our results show that inferences about risk aversion are robust to whichever model we adopt when we estimate each model separately. However, when we allow both models to explain portions of the data simultaneously, we infer risk aversion for subjects behaving according to expected utility theory and risk-seeking behaviour for subjects behaving according to prospect theory. Copyright © The Author(s). Journal compilation © Royal Economic Society 2009.