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...
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| Published in: | Econometrica Vol. 72; no. 2; pp. 615 - 625 |
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| Main Author: | |
| Format: | Journal Article |
| Language: | English |
| Published: |
Oxford, UK and Boston, USA
Blackwell Publishing Ltd
01.03.2004
Econometric Society Blackwell |
| Subjects: | |
| ISSN: | 0012-9682, 1468-0262 |
| Online Access: | Get full text |
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| Abstract | 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. |
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| AbstractList | 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. 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. [PUBLICATION ABSTRACT] 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. 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 neo-classical 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. Reprinted by permission of the Econometric Society Abstract only |
| Author | List, John A. |
| Author_xml | – sequence: 1 givenname: John A. surname: List fullname: List, John A. |
| BackLink | http://pascal-francis.inist.fr/vibad/index.php?action=getRecordDetail&idt=15591910$$DView record in Pascal Francis |
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| Copyright | Copyright 2004 Econometric Society 2004 INIST-CNRS Copyright Econometric Society Mar 2004 |
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| References | Tversky A. (b16_226) 1991; 106 List J. A. (b10_220) 2001; 91 b13_223 Brookshire D. (b2_212) 1987; 77 Knez P. (b9_219) 1985; 75 b11_221 b15_225 Coursey D. (b4_214) 1987; 102 Knetsch J. L. (b7_217) 1989; 79 b3_213 Knetsch J. L. (b8_218) 1987; 102 Kahneman D. (b6_216) 1979; 47 Shogren J. F. (b14_224) 1994; 84 b12_222 b1_211 b5_215 |
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| Title | Neoclassical Theory Versus Prospect Theory: Evidence from the Marketplace |
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