Caution and Reference Effects

IF 6.6 1区经济学 Q1 ECONOMICS

Econometrica Pub Date : 2024-11-21 DOI:10.3982/ECTA21748

Simone Cerreia-Vioglio, David Dillenberger, Pietro Ortoleva

引用次数: 0

Abstract

We introduce Cautious Utility, a new model based on the idea that individuals are unsure of trade-offs between goods and apply caution. The model yields an endowment effect, even when gains and losses are treated symmetrically. Moreover, it implies either loss aversion or loss neutrality for risk, but in a way unrelated to the endowment effect, and it captures the certainty effect, providing a novel unified explanation of all three phenomena. Cautious Utility can help organize empirical evidence, including some that directly contradicts leading alternatives.

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注意事项和参考效应

我们引入了 "谨慎效用"（Cautious Utility）这一新模型，该模型基于这样一种理念，即个人无法确定商品之间的权衡，因此会谨慎行事。该模型产生了一种禀赋效应，即使在收益和损失对称处理的情况下也是如此。此外，它还隐含了对风险的损失厌恶或损失中性，但其方式与禀赋效应无关，它还捕捉到了确定性效应，为所有这三种现象提供了一种新颖的统一解释。谨慎效用有助于整理经验证据，包括一些与主要替代方案直接矛盾的证据。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Econometrica 社会科学-数学跨学科应用

CiteScore

11.00

自引率

3.30%

发文量

审稿时长

6-12 weeks

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