VARIANCE OF UTILITY PARAMETER ESTIMATES AND PREDICTIONS IN SIEGEL'S MODEL OF REPETITIVE CHOICE,

Albert Madansky

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Decision-Making and Behavioral Economics Economic and Environmental Valuation Experimental Behavioral Economics Studies

Abstract

The Siegel expected utility maximization model for the k-light experiment is reviewed, and the variances of estimates of the model parameters and of the model predictions are obtained. The Siegel experiments are analyzed, and it is shown that in no case are the observed devia tions of predicted from actual behavior as great as two standard deviations. (Author)

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