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American Economic Review: Vol. 97 No. 5 (December 2007)
AER Volume. 97, Issue 5 | 
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AER Forthcoming Articles
Consistency and Heterogeneity of Individual Behavior under Uncertainty
Article Citation
Choi, Syngjoo,
Raymond Fisman,
Douglas Gale, and
Shachar Kariv. 2007. "Consistency and Heterogeneity of Individual Behavior under Uncertainty."
American Economic Review,
97(5): 1921-1938.
DOI: 10.1257/aer.97.5.1921
DOI: 10.1257/aer.97.5.1921
Abstract
By using graphical representations of simple portfolio choice problems, we generate
a very rich dataset to study behavior under uncertainty at the level of the individual
subject. We test the data for consistency with the maximization hypothesis,
and we estimate preferences using a two-parameter utility function based on Faruk
Gul (1991). This specification provides a good interpretation of the data at the individual
level and can account for the highly heterogeneous behaviors observed in
the laboratory. The parameter estimates jointly describe attitudes toward risk and
allow us to characterize the distribution of risk preferences in the population. (JEL
D11, D14, D81, G11)
Article Full-Text Access
Full-text Article
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Download Data Set (695.62 KB) | Link to Appendix (153.19 KB)
Authors
Choi, Syngjoo
Fisman, Raymond
Gale, Douglas
Kariv, Shachar
Fisman, Raymond
Gale, Douglas
Kariv, Shachar
