An experiment on risky choice amongst households

• 成果类型: Article
• 署名作者: Bateman, I; Munro, A
• 署名单位: University of East Anglia; University of Western Australia
• 刊物名称: ECONOMIC JOURNAL
• ISSN/ISSBN: 0013-0133
• DOI: 10.1111/j.0013-0133.2005.00986.x
• 发表日期: 2005
• 页码: C176-C189
• 关键词: utility-theory; DECISION; models

摘要

A host of experiments have examined theories of risky choice using individuals. However, many important economic decisions are taken within multi-adult households. This paper reports on the first economic experiment designed to test theories of household choice. We use established couples and face them individually and jointly with decisions involving monetary payoffs. We find that joint choices typically are more risk averse than those made by individuals. Meanwhile, choices made by couples exhibit the same kinds of departures from expected utility theory (e.g. the common ratio and common consequence effects) as are regularly recorded with individuals.