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| Author: | Myagtkov, M. |
| Title: | Exchange economies and loss exposure: experiments exploring prospect theory and competitive equilibria in market environments |
| Journal: | American Economic Review
1997 : DEC, VOL. 87:5, p. 801-828 |
| Index terms: | REVIEW COMPETITIVE EQUILIBRIUM LOSS |
| Language: | eng |
| Abstract: | Exchange economies were created in which individuals faced losses. If people are risk seeking in the losses, as predicted by prospect theory, then due to the nonconvexity, the competitive equilibria are all on the boundaries of the Edgeworth Box. The experimental results are that risk- seeking behavior is observed in many people that appears in markets as predicted. In addition, market behavior is consistent with answers to hypothetical questionnaires. |
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