4 found
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  1.  96
    A parametric analysis of prospect theory’s functionals for the general population.Adam S. Booij, Bernard M. S. van Praag & Gijs van de Kuilen - 2010 - Theory and Decision 68 (1-2):115-148.
    This article presents the results of an experiment that completely measures the utility function and probability weighting function for different positive and negative monetary outcomes, using a representative sample of N = 1,935 from the general public. The results confirm earlier findings in the lab, suggesting that utility is less pronounced than what is found in classical measurements where expected utility is assumed. Utility for losses is found to be convex, consistent with diminishing sensitivity, and the obtained loss-aversion coefficient of (...)
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  2.  6
    An experimental investigation of social risk preferences for health.Arthur E. Attema, Olivier L’Haridon & Gijs van de Kuilen - 2023 - Theory and Decision 95 (3):379-403.
    In this paper, we use the risk apportionment technique of Eeckhoudt, Rey and Schlesinger (2007) to study higher order risk preferences for others’ health as well as ex-ante and ex-post inequality preferences for social risky distributions, and their interaction. In an experiment on a sample of university students acting as impartial spectators, we observe risk aversion towards social health losses and a dislike of ex-ante inequality. In addition, evidence for ex-post inequality seeking is much weaker than evidence for ex-ante inequality (...)
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  3.  22
    The strength of sensitivity to ambiguity.Robin Cubitt, Gijs van de Kuilen & Sujoy Mukerji - 2018 - Theory and Decision 85 (3-4):275-302.
    We report an experiment where each subject’s ambiguity sensitivity is measured by an ambiguity premium, a concept analogous to and comparable with a risk premium. In our design, some tasks feature known objective risks and others uncertainty about which subjects have imperfect, heterogeneous, information. We show how the smooth ambiguity model can be used to calculate ambiguity premia. A distinctive feature of our approach is estimation of each subject’s subjective beliefs about the uncertainty in ambiguous tasks. We find considerable heterogeneity (...)
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  4.  85
    Subjective Probability Weighting and the Discovered Preference Hypothesis.Gijs van de Kuilen - 2009 - Theory and Decision 67 (1):1-22.
    Numerous studies have convincingly shown that prospect theory can better describe risky choice behavior than the classical expected utility model because it makes the plausible assumption that risk aversion is driven not only by the degree of sensitivity toward outcomes, but also by the degree of sensitivity toward probabilities. This article presents the results of an experiment aimed at testing whether agents become more sensitive toward probabilities over time when they repeatedly face similar decisions, receive feedback on the consequences of (...)
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