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Preview of Salience Theory: Calibration and Heterogeneity in Probability Distortion [PDF]
🔗 Source: bbf.uni-hamburg.de
📊 Size: 505 KB
📄 Pages: 27 pages
⬇️ Downloads: 179

Summary

Bordalo, Gennaioli, and Shleifer (2012b) propose salience theory as an alternative to existing descriptive decision theories. An experiment with multiple price lists estimates the parameters of salience theory and alternative decision theories, as well as the fraction of decisions described by each theory. The results show that 30% to 45% of subjects behave in line with salience theory, with a local thinking parameter of about 0.7 to 0.8, consistent with Bordalo et al.'s assumption. The estimates remain unchanged when non-linear utility is assumed, but reveal substantial heterogeneity, with the local thinking parameter being significantly smaller when a lottery's downside is most salient.

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Bordalo, Gennaioli, and Shleifer (2012b) propose salience theory as an alternative to existing descriptive decision theories.

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  • File Format: PDF
  • File Size: 505 KB
  • Pages: 27
  • Language: EN
  • Total Downloads: 179
  • Last Updated: 8 hours ago

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