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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Bibliographic Details
Published in:	Econometrica Vol. 72; no. 2; pp. 615 - 625
Main Author:	List, John A.
Format:	Journal Article
Language:	English
Published:	Oxford, UK and Boston, USA Blackwell Publishing Ltd 01.03.2004 Econometric Society Blackwell
Subjects:	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
Online Access:	Get full text
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