The empirical relationship between nonstandard economic behaviors

Mark Dean, Pietro Ortoleva

Research output: Contribution to journalArticlepeer-review

21 Scopus citations

Abstract

We study the joint distribution of 11 behavioral phenomena in a group of 190 laboratory subjects and compare it to the predictions of existing models as a step in the development of a parsimonious, general model of economic choice. We find strong correlations between most measures of risk and time preference, between compound lottery and ambiguity aversion, and between loss aversion and the endowment effect. Our results support some, but not all attempts to unify behavioral economic phenomena. Overconfidence and gender are also predictive of some behavioral characteristics.

Original languageEnglish (US)
Pages (from-to)16262-16267
Number of pages6
JournalProceedings of the National Academy of Sciences of the United States of America
Volume116
Issue number33
DOIs
StatePublished - Aug 13 2019

All Science Journal Classification (ASJC) codes

  • General

Keywords

  • Endowment effect
  • Loss aversion
  • Nonexpected utility
  • Risk and time preferences
  • Trust game

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