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Abstract

This paper deals with estimating data from experiments determining lottery certainty equivalents. The paper presents the parametric and nonparametric results of the least squares mean, quantile including median and mode estimations. The examined data are found to be positively skewed for low probabilities and negatively skewed for high probabilities. This observation leads to the striking conclusion that lottery valuations are only nonlinearly related to probability when means are considered. Such nonlinearity is not confirmed by the mode estimator in which case the most likely lottery valuations are close to their expected values. This means that the most likely behavior of a group is fully rational. This conclusion is a significant departure from one of the fundamental results concerning lottery experiments presented so far.



Item Type: MPRA Paper -

Original Title: Mean, Median or Mode? A Striking Conclusion From Lottery Experiments-

English Title: Mean, Median or Mode? A Striking Conclusion From Lottery Experiments-

Language: English-

Keywords: Lottery experiments; Least Squares, Quantile, Median, and Mode Estimators; Nonparametric and Parametric Estimators; Relative Utility Function; Prospect Theory.-

Subjects: C - Mathematical and Quantitative Methods > C5 - Econometric Modeling > C51 - Model Construction and EstimationD - Microeconomics > D8 - Information, Knowledge, and Uncertainty > D81 - Criteria for Decision-Making under Risk and UncertaintyC - Mathematical and Quantitative Methods > C9 - Design of Experiments > C91 - Laboratory, Individual BehaviorD - Microeconomics > D0 - General > D03 - Behavioral Microeconomics: Underlying PrinciplesC - Mathematical and Quantitative Methods > C1 - Econometric and Statistical Methods and Methodology: General > C13 - Estimation: GeneralC - Mathematical and Quantitative Methods > C1 - Econometric and Statistical Methods and Methodology: General > C14 - Semiparametric and Nonparametric Methods: GeneralC - Mathematical and Quantitative Methods > C8 - Data Collection and Data Estimation Methodology ; Computer Programs > C81 - Methodology for Collecting, Estimating, and Organizing Microeconomic Data ; Data AccessC - Mathematical and Quantitative Methods > C2 - Single Equation Models ; Single Variables > C21 - Cross-Sectional Models ; Spatial Models ; Treatment Effect Models ; Quantile RegressionsC - Mathematical and Quantitative Methods > C0 - General > C01 - EconometricsD - Microeconomics > D8 - Information, Knowledge, and Uncertainty > D87 - Neuroeconomics-





Autor: Kontek, Krzysztof

Fuente: https://mpra.ub.uni-muenchen.de/21758/







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