Replication data for: Distinguishing Probability Weighting from Risk Misperceptions in Field Data
Principal Investigator(s): View help for Principal Investigator(s) Levon Barseghyan; Francesca Molinari; Ted O'Donoghue; Joshua C. Teitelbaum
Version: View help for Version V1
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| P2013_4418_data | 10/11/2019 06:36:PM | ||
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text/plain | 14.6 KB | 10/11/2019 02:36:PM |
Project Citation:
Barseghyan, Levon, Molinari, Francesca, O’Donoghue, Ted, and Teitelbaum, Joshua C. Replication data for: Distinguishing Probability Weighting from Risk Misperceptions in Field Data. Nashville, TN: American Economic Association [publisher], 2013. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-11. https://doi.org/10.3886/E112637V1
Project Description
Summary:
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We outline a strategy for distinguishing rank-dependent probability weighting from systematic risk misperceptions in field data. Our strategy relies on singling out a field environment with two key properties: (i) the objects of choice are money lotteries with more than two outcomes; and (ii) the ranking of outcomes differs across lotteries. We first present an abstract model of risky choice that elucidates the identification problem and our strategy. The model has numerous applications, including insurance choices and gambling. We then consider the application of insurance deductible choices and illustrate our strategy using simulated data.
Scope of Project
JEL Classification:
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C93 Field Experiments
D81 Criteria for Decision-Making under Risk and Uncertainty
C93 Field Experiments
D81 Criteria for Decision-Making under Risk and Uncertainty
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