Choice under Uncertainty: Evidence from Ethiopia, India and Uganda

• 成果类型: Article
• 署名作者: Harrison, Glenn W.; Humphrey, Steven J.; Verschoor, Arjan
• 署名单位: University System of Georgia; Georgia State University; University Osnabruck; University of East Anglia
• 刊物名称: ECONOMIC JOURNAL
• ISSN/ISSBN: 0013-0133
• DOI: 10.1111/j.1468-0297.2009.02303.x
• 发表日期: 2010
• 页码: 80-104
• 关键词: risk-aversion; prospect-theory; utility-theory; attitudes; preferences; decisions

摘要

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.