التفاصيل البيبلوغرافية
| العنوان: |
Investigation of the Stochastic Choice under Risk using Experimental Data |
| المؤلفون: |
Permana, Yudistira, Empel, Giovanni van, Pradiptyo, Rimawan |
| المصدر: |
Gadjah Mada International Journal of Business; Vol 22 No 2 (2020): May-August; 137-150 ; 2338-7238 ; 1411-1128 |
| بيانات النشر: |
Universitas Gadjah Mada |
| سنة النشر: |
2020 |
| المجموعة: |
Universitas Gadjah Mada: FMIPA-UGM Online Journal |
| مصطلحات موضوعية: |
Stochastic choice, expected utility, rank-dependent expected utility, maximum likelihood, lab experiment, risk |
| الوصف: |
This paper extends the analysis of the data from the experiment undertaken by Pradiptyoet al.(2015), to help explain the subjects’ behaviour when making decisions under risk. This study specifically investigates the relative empirical performance of the two general models of the stochastic choice: the random utility model (RUM) and the random preference model (RPM) where this paper specifies these models using two preference functionals, expected utility (EU) and rank-dependent expected utility (RDEU). The parameters are estimated in each model using a maximum likelihood technique and run ahorse-raceusing the goodness-of-fit between the models. The results show that the RUM better explains the subjects’ behaviour in the experiment. Additionally, the RDEU fits better than the EU for modelling the stochastic choice. |
| نوع الوثيقة: |
article in journal/newspaper |
| وصف الملف: |
application/pdf |
| اللغة: |
English |
| Relation: |
https://jurnal.ugm.ac.id/v3/gamaijb/article/view/15728/4744; https://jurnal.ugm.ac.id/v3/gamaijb/article/view/15728 |
| الاتاحة: |
https://jurnal.ugm.ac.id/v3/gamaijb/article/view/15728 |
| رقم الانضمام: |
edsbas.98CC8394 |
| قاعدة البيانات: |
BASE |