INTRANSITIVITY OF INDIFFERENCE, STRONG MONOTONICITY, AND THE ENDOWMENT EFFECT
成果类型：
Article
署名作者：
SILEO, PW
刊物名称：
JOURNAL OF ECONOMIC THEORY
ISSN/ISSBN：
0022-0531
DOI：
10.1006/jeth.1995.1038
发表日期：
1995
页码：
198-223
关键词：
摘要：
A model is developed which represents an agent's imperfect access to his true preferences via a ''sensation of preference'' function. The resulting structure, which is mathematically related to stochastic preferences, implies commonly observed intransitivities of indifference while maintaining the property of strong monotonicity. Properties of the agent's perceived preference relation and the implications for trading behavior are explored. Consistent with experimental and survey data, and unlike the classical model of preferences, trading behavior is shown to exhibit the endowment effect across a wide range of choice problems. Journal of Economic Literature classification number: D89. (C) 1995 Academic Press, Inc.