Exchange economies and loss exposure: Experiments
通过实验构建面临损失的交换经济，检验前景理论预测的风险寻求行为，发现市场中出现风险寻求，但会随经验减弱，且偏好并非由框架效应简单导致。
Exchange economies were created in which individuals faced losses. If people are risk seeking in the losses, as predicted by prospect theory, then due to the nonconvexity, the competitive equilibria are all on the boundaries of the Edgeworth box. The experimental results are that risk-seeking behavior is observed in many people and appears in markets as predicted. In addition, market behavior is consistent with answers to hypothetical questionnaires. Contrary to prospect theory, risk seeking seems to diminish with experience: preferences in the market setting are not labile; and risk-seeking preferences are not simply a result of framing effects. Copyright 1997 by American Economic Association.