Neoclassical Theory Versus Prospect Theory: Evidence from the Marketplace

Several experimental studies have provided evidence that suggest indifference curves have a kink around the current endowment level. These results, which clearly contradict closely held economic doctrines, have led some influential commentators to call for an entirely new economic paradigm to displa...

Celý popis

Uloženo v:

Podrobná bibliografie
Vydáno v:	Econometrica Ročník 72; číslo 2; s. 615 - 625
Hlavní autor:	List, John A.
Médium:	Journal Article
Jazyk:	angličtina
Vydáno:	Oxford, UK and Boston, USA Blackwell Publishing Ltd 01.03.2004 Econometric Society Blackwell
Témata:	Apathy Applications Behavior Biology, psychology, social sciences Candy Candy bars Chocolate bars Coffee mugs Consumer behavior Consumer psychology Consumers Econometrics Economic analysis Economic theory Empirical evidence Endowment Endowment effect Endowments Evidence Exact sciences and technology experience Experiments field experiment Inference from stochastic processes; time series analysis Insurance, economics, finance Market Markets Mathematics Neoclassical economics Notes and Comments Null hypothesis Probability and statistics Probability theory and stochastic processes Prospect theory Psychological aspects Psychological theories Sciences and techniques of general use Statistics Stochastic processes Theory Transference Statistical method Economics Consumer behavior Prediction Prediction theory Psychometrics Statistical estimation Filtering theory Econometrics Experimental study Stochastic process
ISSN:	0012-9682, 1468-0262
On-line přístup:	Získat plný text
Tagy:	Přidat tag Žádné tagy, Buďte první, kdo vytvoří štítek k tomuto záznamu!

Popis
Shrnutí:	Several experimental studies have provided evidence that suggest indifference curves have a kink around the current endowment level. These results, which clearly contradict closely held economic doctrines, have led some influential commentators to call for an entirely new economic paradigm to displace conventional neoclassical theory--e.g., prospect theory, which invokes psychological effects. This paper pits neoclassical theory against prospect theory by investigating data drawn from more than 375 subjects actively participating in a well-functioning marketplace. The pattern of results suggests that prospect theory adequately organizes behavior among inexperienced consumers, but consumers with intense market experience behave largely in accordance with neoclassical predictions. Moreover, the data are consistent with the notion that consumers learn to overcome the endowment effect in situations beyond specific problems they have previously encountered. This "transference of behavior" across domains has important implications in both a positive and normative sense.
Bibliografie:	ark:/67375/WNG-6WCM41FQ-D ArticleID:ECTA502 istex:C6C7643022A9BBBA4A27E578D9DB62C0A55E8173 SourceType-Scholarly Journals-1 ObjectType-Feature-1 content type line 14 ObjectType-Article-2 content type line 23
ISSN:	0012-9682 1468-0262
DOI:	10.1111/j.1468-0262.2004.00502.x