Resolving Rabin's paradox

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dc.contributor.authorBleichrodt, Han
dc.contributor.authorDoctor, Jason N.
dc.contributor.authorGao, Yu
dc.contributor.authorLi, Chen
dc.contributor.authorMeeker, Daniella
dc.contributor.authorWakker, Peter P.
dc.date.accessioned2023-10-30T21:50:45Z
dc.date.available2023-10-30T21:50:45Z
dc.date.issued2019
dc.date.updated2022-08-14T08:17:40Z
dc.description.abstractWe present a theoretical model of Rabin’s famous calibration paradox that resolves confusions in the literature and that makes it possible to identify the causes of the paradox. Using suitable experimental stimuli, we show that the paradox truly violates expected utility and that it is caused by reference dependence. Rabin already showed that utility curvature alone cannot explain his paradox. We, more strongly, do not find any contribution of utility curvature to the explanation of the paradox. We find no contribution of probability weighting either. We conclude that Rabin’s paradox underscores the importance of reference dependence.en_AU
dc.format.mimetypeapplication/pdfen_AU
dc.identifier.issn0895-5646en_AU
dc.identifier.urihttp://hdl.handle.net/1885/303908
dc.language.isoen_AUen_AU
dc.provenanceThis article is licensed under a Creative Commons Attribution 4.0 International License, which permits use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons licence, and indicate if changes were made. The images or other third party material in this article are included in the article's Creative Commons licence, unless indicated otherwise in a credit line to the material. If material is not included in the article's Creative Commons licence and your intended use is not permitted by statutory regulation or exceeds the permitted use, you will need to obtain permission directly from the copyright holder. To view a copy of this licence, visit http://creativecommons.org/licenses/by/4.0/.en_AU
dc.publisherKluwer Academic Publishersen_AU
dc.rights© 2020 The authorsen_AU
dc.rights.licenseCreative Commons Attribution licenceen_AU
dc.rights.urihttp://creativecommons.org/licenses/by/4.0/en_AU
dc.sourceJournal of Risk and Uncertaintyen_AU
dc.subjectRabin’s paradoxen_AU
dc.subjectReference dependenceen_AU
dc.subjectLoss aversionen_AU
dc.subjectProspect theoryen_AU
dc.titleResolving Rabin's paradoxen_AU
dc.typeJournal articleen_AU
dcterms.accessRightsOpen Accessen_AU
local.bibliographicCitation.lastpage260en_AU
local.bibliographicCitation.startpage239en_AU
local.contributor.affiliationBleichrodt, Han, College of Business and Economics, ANUen_AU
local.contributor.affiliationDoctor, Jason N., University of Southern Californiaen_AU
local.contributor.affiliationGao, Yu, Peking Universityen_AU
local.contributor.affiliationLi, Chen, Erasmus University Rotterdamen_AU
local.contributor.affiliationMeeker, Daniella, University of South Californiaen_AU
local.contributor.affiliationWakker, Peter P., Erasmus University Rotterdamen_AU
local.contributor.authoremailu1035637@anu.edu.auen_AU
local.contributor.authoruidBleichrodt, Han, u1035637en_AU
local.description.notesImported from ARIESen_AU
local.identifier.absfor380100 - Applied economicsen_AU
local.identifier.ariespublicationu6269649xPUB915en_AU
local.identifier.citationvolume59en_AU
local.identifier.doi10.1007/s11166-019-09318-0en_AU
local.identifier.scopusID2-s2.0-85079468362
local.identifier.thomsonIDWOS:000516059100001
local.identifier.uidSubmittedByu6269649en_AU
local.publisher.urlhttps://link.springer.com/en_AU
local.type.statusPublished Versionen_AU

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