Axiomatic measures of perceived risk: Some tests and extensions

Elke U. Weber · William P. Bottom

80 citations0/0 files storedJournal of Behavioral Decision Making

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Decision-Making and Behavioral Economics Risk Perception and Management Economic and Environmental Valuation

Abstract

Abstract The history of axiomatic measurement of perceived risk of unidimensional risky choice alternatives is briefly reviewed. Experiments 1 and 2 present data that distinguish between two general classes of risk functions (those that assume that gain and loss components of an alternative combine additively versus multiplicatively) on empirical grounds. The most viable risk model on the basis of these and other results is described. Experiment 3 presents data that call into question the descriptive adequacy of some of this risk model's assumptions, in particular the expectation principle. Suggestions for possible modifications are made.

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References

1979Prospect Theory: An Analysis of Decision under Risk 1988Prospect theory: An analysis of decision under risk 1959Portfolio Selection: Efficient Diversification of Investments 1964Risk Aversion in the Small and in the Large 1976Risk Aversion in the Small and in the Large 1953Le Comportement de l'Homme Rationnel devant le Risque: Critique des Postulats et Axiomes de l'Ecole Americaine 1972Essays in the Theory of Risk-Bearing.1981On The Quantitative Definition of Risk

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