Mixture Attitudes of Expectation-Based Loss Aversion

Material type: 文書・図像類

Author: Kawanaka, Daijiro

Publisher: Graduate School of Economics, Osaka University

Publication date: 2023-02

Material Format: Paper

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Note (General)：: Köszegi and Rabin (2006, 2007) formulate loss-aversion models called Preferred Personal Equilibrium (PPE) and Choice-acclimating Personal Equilibrium ...

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Paper

Material Type: 文書・図像類
Title: Mixture Attitudes of Expectation-Based Loss Aversion
Author/Editor: Kawanaka, Daijiro
Author Heading: Kawanaka, Daijiro
Publication, Distribution, etc.: Graduate School of Economics, Osaka University
Publication Date: 2023-02
Publication Date (W3CDTF): 2023-02
Periodical title: Discussion Papers In Economics And Business
No. or year of volume/issue: 23-02
Volume: 23-02
Pages: 1-11
Text Language Code: eng
Subject Heading: Prospect theory
Loss aversion
Reference point
Mixture aversion
Betweenness
Target Audience: 一般
Note (General): Köszegi and Rabin (2006, 2007) formulate loss-aversion models called Preferred Personal Equilibrium (PPE) and Choice-acclimating Personal Equilibrium (CPE) so successfully that many papers have been applied their models to a variety of economic fields in this decade. In this paper, without assuming any specific functional form, I show that these two loss-aversion models satisfy strong mixture aversion in the sense that a non-degenerate lottery is strictly preferred to any mixture between the lottery and its certainty equivalent. This property distinguishes these loss-aversion models from many other standard models such as the expected utility theory and disappointment aversion so that this result allows experimental economists to test a class of these models in a simple setting.
Periodical Title (NCID): AA1160366X
https://ci.nii.ac.jp/ncid/AA1160366X
References (URI): URI
http://www2.econ.osaka-u.ac.jp/econ_society/dp/2302.pdf
Data Provider (Database): 国立情報学研究所 : 学術機関リポジトリデータベース（IRDB）（機関リポジトリ）
https://irdb.nii.ac.jp
Original Data Provider (Database): 大阪大学 : 大阪大学学術情報庫　桜華