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| Hu, Wuyang. |
| This study incorporates reference point effects into a stated choice survey of consumer demand for food with credence attributes. Parametric tests can be applied to the utility function to examine the existence of reference price effects. Results are consistent with prospect theory in that consumers exhibit strong and nonlinear reference price effects, with cheaper prices receiving less decision weight than higher prices. The underlying utility function is concave over lowered prices and convex over increased prices, with diminishing sensitivity in both domains. The study, however, did not find experience or consumers' attitudes to be significant in explaining reference price effects. |
| Tipo: Journal Article |
Palavras-chave: Canola oil; Conjoint; Prospect theory; Reference price effects; Demand and Price Analysis. |
| Ano: 2007 |
URL: http://purl.umn.edu/8639 |
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| Nguyen, Quang; Leung, PingSun. |
| Field experiment and household survey data are combined to investigate whether working in a risky occupation such as fishing makes fishermen have different risk preferences than individuals in other occupations. Prospect theory is utilized as the main analytical framework and a structural model approach is developed to simultaneously correlate the parameters of the utility function under prospect theory with other socioeconomic variables. The key finding is that working in fishing makes economic agents less risk averse than others. Fishermen also tend to be less sensitive to probability weighting changes in the experiment. It is possible that fishermen have adapted to their unique environment by using specific heuristics for decision making under... |
| Tipo: Journal Article |
Palavras-chave: Experimental economics; Prospect theory; Risk behavior; Vietnamese fishermen; Resource /Energy Economics and Policy; Risk and Uncertainty. |
| Ano: 2009 |
URL: http://purl.umn.edu/57624 |
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