프로스펙트 이론과 속성별 제거모형을 중심으로 한 행동경제학에 대한 비판적 고찰

• 영문명: A Critical Review on Behavioral Economics with a Focus on Prospect Theory and EBA Model
• 발행기관: 한국유통과학회
• 저자명: 원지성(Jee-Sung Won)
• 간행물 정보: 『유통과학연구(JDS)』제11권 제5호, 63~76쪽, 전체 14쪽
• 주제분류: 경제경영 > 경제학
• 파일형태: PDF
• 발행일자: 2013.05.30

영문 초록

Purpose - For the past several decades, behavioral economics or behavioral decision theory has undergone rapid development. This study provides a critical review of the development of behavioral economics with a focus on what are deemed to be core theories in the field. Starting from the utility function proposed by Daniel Bernoulli in the 18th century, the development history of utility functions until the emergence of the prospect theory is thoroughly reviewed. Some of the experimental results violating the traditionally assumed utility function and supporting the prospect theory value function are summarized. The most representative principles of rational choice are transitivity, independence from irrelevant alternatives (IIA), and regularity. The development of behavioral economics has been triggered by finding counter-examples to these principles. Some of the choice behaviors discussed in this study as counter-examples to the traditional theories of rational choice are the St. Petersburg paradox; the Allais paradox; gambling behavior; and the various context effects including the similarity effect, attraction effect, and the compromise effect. The Elimination-by-Aspects (EBA) model, which was proposed as an explanation for the similarity effect, is discussed in detail as well. Based on the literature review and further analysis, this study summarizes the relationship between the context effects, prospect theory, and EBA model. Research design, data, and methodology - This study provides an extensive literature review on several important theories in the field of behavioral decision theory and adds some critical comments to the theories and the relationships among them. This study first reviews the development of utility functions. Daniel Bernoulli introduced the concept of utility function to solve the St. Petersburg paradox. In the mid-20th century, Herbert Simon proposed the “satisficing” heuristic and presented a value function with a shape different fr

목차

Abstract

1. 서론

2. Bernoulli와 Simon의 효용 함수

3. 위험추구 행동과 프로스펙트 이론(Prospect Theory)

4. 프레이밍과 프로스펙트 이론의 응용

5. 맥락효과와 속성별 제거모형

6. 결론: 맥락효과와 행동적 의사결정이론

References

키워드

Behavioral Economics Prospect Theory Elimination-By-Aspects Model Context Effects