Stochastic Choice and Preferences for Randomization

• 成果类型: Article
• 署名作者: Agranov, Marina; Ortoleva, Pietro
• 署名单位: California Institute of Technology; Columbia University
• 刊物名称: JOURNAL OF POLITICAL ECONOMY
• ISSN/ISSBN: 0022-3808
• DOI: 10.1086/689774
• 发表日期: 2017
• 页码: 40-68
• 关键词: expected utility; decision-making; DETERMINISTIC PREFERENCES; RISK; aversion; allais; MODEL; optimization; probability; BEHAVIOR

摘要

We conduct an experiment in which subjects face the same questions repeated multiple times, with repetitions of two types: (1) following the literature, the repetitions are distant from each other; (2) in a novel treatment, the repetitions are in a row, and subjects are told that the questions will be repeated. We find that a large majority of subjects exhibit stochastic choice in both cases. We discuss the implications for models of stochastic choice.