An expected utility maximizer walks into a bar...

被引：25

作者：

Burghart, Daniel R. ^{[1
]}

Glimcher, Paul W. ^{[2
]}

Lazzaro, Stephanie C. ^{[3
]}

机构：

[1] Univ Zurich, Dept Econ, CH-8006 Zurich, Switzerland

[2] NYU, Ctr Neuroecon, New York, NY 10003 USA

[3] UCL, Inst Cognit Neurosci, London WC1H 0AP, England

来源：

JOURNAL OF RISK AND UNCERTAINTY | 2013年 / 46卷 / 03期

关键词：

Rationality; Expected utility theory; Risk aversion; Field experiment; Alcohol; DECISION-MAKING; ALCOHOL-INTOXICATION; RISK-AVERSION; CONSUMPTION; CONSISTENCY; PREFERENCES; BEHAVIOR; MYOPIA; GARP;

D O I：

10.1007/s11166-013-9167-7

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We conducted field experiments at a bar to test whether blood alcohol concentration (BAC) correlates with violations of the generalized axiom of revealed preference (GARP) and the independence axiom. We found that individuals with BACs well above the legal limit for driving adhere to GARP and independence at rates similar to those who are sober. This finding led to the fielding of a third experiment to explore how risk preferences might vary as a function of BAC. We found gender-specific effects: Men did not exhibit variations in risk preferences across BACs. In contrast, women were more risk averse than men at low BACs but exhibited increasing tolerance towards risks as BAC increased. Based on our estimates, men and women's risk preferences are predicted to be identical at BACs nearly twice the legal limit for driving. We discuss the implications for policy-makers.

引用

页码：215 / 246

页数：32

共 51 条

[1]

Afriat S. N., 1967, Econometrica, V8, P67, DOI DOI 10.2307/2525382

[2] BEHAVIOR OF THE RATIONAL MAN BEFORE RISK - CRITICISM OF AMERICAN SCHOOL POSTULATES AND AXIOMS [J].

Allais, M. .

ECONOMETRICA, 1953, 21 (04) :503-546

[3] Giving according to garp: An experimental test of the consistency of preferences for altruism [J].

Andreoni, J ;

Miller, J .

ECONOMETRICA, 2002, 70 (02) :737-753

[4]

[Anonymous], ADV EC ANAL POLICY

[5]

[Anonymous], 1974, Decision Sciences, DOI DOI 10.1111/J.1540-5915.1974.TB00610.X

[6] A THEORY OF RATIONAL ADDICTION [J].

BECKER, GS ;

MURPHY, KM .

JOURNAL OF POLITICAL ECONOMY, 1988, 96 (04) :675-700

[7] Modeling internal commitment mechanisms and self-control: A neuroeconomics approach to consumption-saving decisions [J].

Benhabib, J ;

Bisin, A .

GAMES AND ECONOMIC BEHAVIOR, 2005, 52 (02) :460-492

[8] Addiction and cue-triggered decision processes [J].

Bernheim, BD ;

Rangel, A .

AMERICAN ECONOMIC REVIEW, 2004, 94 (05) :1558-1590

[9]

Camerer C., 2011, PROMISE SUCCESS LAB, V10, P2139

[10] VIOLATIONS OF THE BETWEENNESS AXIOM AND NONLINEARITY IN PROBABILITY [J].

CAMERER, CF ;

HO, TH .

JOURNAL OF RISK AND UNCERTAINTY, 1994, 8 (02) :167-196

← 1 2 3 4 5 6 →