This setting lets you change the way you view articles. You can choose to have articles open in a dialog window, a new tab, or directly in the same window.
Open in Dialog
Open in New Tab
Open in same window

American Economic Review: Vol. 97 No. 5 (December 2007)

Expand

Quick Tools:

Print Article Summary
Export Citation
Sign up for Email Alerts Follow us on Twitter

Explore:

AER - All Issues

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

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

Additional Materials

Download Data Set (695.62 KB) | Link to Appendix (153.19 KB)

Authors

Choi, Syngjoo
Fisman, Raymond
Gale, Douglas
Kariv, Shachar


American Economic Review


Quick Tools:

Sign up for Email Alerts

Follow us on Twitter

Subscription Information
(Institutional Administrator Access)

Explore:

AER - All Issues

AER - Forthcoming Articles

Virtual Field Journals


AEA Member Login:


AEAweb | AEA Journals | Contact Us