Open AccessTesting Validity of Using Sample Mean in Studies of Behavioral Facts
Author(s) -
Yongchen Zou,
Runqi Hu
Publication year - 2011
Publication title -
modern economy
Language(s) - English
Resource type - Journals
eISSN - 2152-7245
pISSN - 2152-7261
DOI - 10.4236/me.2011.23040
Subject(s) - sample (material) , preference , simple (philosophy) , test (biology) , econometrics , psychology , external validity , statistics , computer science , social psychology , economics , mathematics , epistemology , philosophy , chemistry , chromatography , biology , paleontology
In this paper we argue that a couple of taken-for-granted methods employed in studying behavioral facts of human risk preference are mistakable. We call for within-subjects experiment design and propose a simple statistical method that might be used to test the validity of using sample mean in interpreting as well as generalizing risk preferences