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21 mar 2013

Visite de Benedict G C Dellaert Professeur a Erasmus School of Economics

Ses recherches portent sur la prise de décision des consommateurs et l’interaction consommateur-entreprise et ont été publiées notamment dans Journal of Marketing Research, Journal of Marketing, Marketing Science, Marketing Letters et Journal of Retailing.

Le 21 mars 2013 de 12h30 à 14h.

Benedict G.C. Dellaert (Erasmus University Rotterdam) présentera un papier intitulé “Using Preferred Outcome Distributions to Estimate Value Functions and Probability Weighting in Decisions under Risk” (avec Bas Donkers, Carlos Lourenço, et Daniel G. Goldstein).

Inscriptions (10 places disponibles)


In this paper we propose the use of preferred outcome distributions to elicit individuals’ value and probability weighting functions in decisions under risk. Extant approaches for the elicitation of these key ingredients of an individual’s risk attitude typically rely on a long, chained sequence of lottery choices. In contrast, preferred outcome distributions can be elicited through an intuitive graphical interface and we show that the information contained in two preferred outcome distributions is sufficient to non-parametrically identify both the value function and the probability weighting function for rank-dependent utility models. In an incentive-compatible lab study, respondents used an intuitive graphical interface – the Distribution Builder (Sharpe et al. 2001, Goldstein et al. 2008) – to construct their preferred outcome distributions, subject to a budget constraint. Results show that estimates of the value function are in line with previous research, but that probability weighting bias is diminished, which favors the proposed preferred outcome distribution-based approach