Abstract
In this paper we report the results of an experiment designed to test the appropriateness of certain models for choices among wagers. These models and the test procedure to be used have previously been described in this journal in some detail (Becker et al, 1963), but for convenience we will briefly restate them here. The reader should, however, refer to Becker et al. (1963) for precise statements of the basic concepts of rewards, wagers, offered sets, and stochastic models for wagers, and for proofs of theorems.
The work described in this paper was sponsored by the Western Management Science Institute, University of California at Los Angeles, under grants from the General Electric Company and its Behavioral Research Service, the Ford Foundation, and a contract with the Office of Naval Research, Nonr 233 (75).
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Bibliography
Becker, H. M., DeGroot, M. H., and Marschak, J., ‘Stochastic Models of Choice Behavior’, 1963, Selected Essays, 10.
Block, H. D. and Marschak, J., ‘Random Orderings and Stochastic Theories of Response’, 1960, Selected Essays, 7.
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© 1974 D. Reidel Publishing Company, Dordrecht, Holland
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Becker, G.M., DeGroot, M.H. (1974). An Experimental Study of Some Stochastic Models for Wagers (1963). In: Economic Information, Decision, and Prediction. Theory and Decision Library, vol 7-1. Springer, Dordrecht. https://doi.org/10.1007/978-94-010-9276-0_13
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DOI: https://doi.org/10.1007/978-94-010-9276-0_13
Publisher Name: Springer, Dordrecht
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