Nonparametric Test of the Expected Utility Hypothesis
提出一种非参数检验方法，通过线性不等式系统判断期望效用假设是否成立，并计算风险厌恶系数边界。应用于土地分配数据，发现多数情况下无法拒绝该假设，与实验室实验结果相反。
Abstract A nonparametric test of the expected utility hypothesis is developed in this paper. The expected utility hypothesis is shown to hold if there exists a feasible solution to a particular system of linear inequalities. Furthermore, when a feasible solution exists, boundaries on the coefficient of absolute risk aversion can be calculated explicitly. The test is applied to data on land allocations modeled as choices over lottery sets. Results, contrary to those obtained in many laboratory experiments, show that in most cases the expected utility hypothesis cannot be rejected.