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Some comments on the experimental measurement of utility
Author(s) -
Degroot Morris H.
Publication year - 2007
Publication title -
behavioral science
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.371
H-Index - 45
eISSN - 1099-1743
pISSN - 0005-7940
DOI - 10.1002/bs.3830080207
Subject(s) - measure (data warehouse) , function (biology) , computer science , econometrics , expected utility hypothesis , mathematical economics , psychology , mathematics , data mining , evolutionary biology , biology
Experiments designed to measure people's utility functions usually involve choices to be made by subjects among different wagers. As a rule, complex statistical methods are used to decide whether a pattern of choices is consistent with a particular utility function and an associated stochastic decision model. Here the author takes issue with the methods used by two investigators to interpret the results of their experiments.