论文标题
通过间接公用事业功能来衡量价格风险规避：实验室实验
Measuring Price Risk Aversion through Indirect Utility Functions: A Laboratory Experiment
论文作者
论文摘要
本文引入了一个理论框架，通过该框架可以通过实验实验实验通过间接公用事业函数（IUF）的背景来衡量相对于不确定价格的风险规避程度。首先，本文介绍了经济学二元理论（DT）的主要要素。接下来，它建议IUFS的背景作为合适的框架，用于通过不同的价格来衡量价格风险规避价格，而不是不同的回报，这在实验经济学的主流中是普遍的做法。的确，现代微观经济学中的DT表明，直接实用性功能（DUF）和IUF是双重的，暗示表明，在DUF中，在DUF上表现出的风险规避程度（或寻求风险的寻求风险）必须等于通过IUF的上下文中的“避免风险（或风险寻求风险”）的程度。本文使用一系列相关的统计检验通过实验室实验测试了该理论预测的准确性。这项研究使用了多个价格列表（MPL）方法，该方法一直是实验经济学中最受欢迎的激发程序之一，可以使用非相互作用环境研究实验实验室中的风险偏好。这项研究的主要发现表明，统计上的价格风险规避（PRRA）明显大于避免回报风险（PARA）。此外，可以表明，根据预期效用理论（EUT）引起的风险偏好在某种程度上受到背景的约束。其他发现暗示，与随机价格相比，随机价格在统计学上，风险溢价（RP）是为了确保不确定情况支付不确定情况的愿望，其统计学意义要大得多。这些结果在不同的MPL设计和所使用的各种统计测试中都具有鲁棒性。
The present paper introduces a theoretical framework through which the degree of risk aversion with respect to uncertain prices can be measured through the context of the indirect utility function (IUF) using a lab experiment. First, the paper introduces the main elements of the duality theory (DT) in economics. Next, it proposes the context of IUFs as a suitable framework for measuring price risk aversion through varying prices as opposed to varying payoffs, which has been common practice in the mainstream of experimental economics. Indeed, the DT in modern microeconomics indicates that the direct utility function (DUF) and the IUF are dual to each other, implicitly suggesting that the degree of risk aversion (or risk seeking) that a given rational subject exhibits in the context of the DUF must be equivalent to the degree of risk aversion (or risk seeking) elicited through the context of the IUF. This paper tests the accuracy of this theoretical prediction through a lab experiment using a series of relevant statistical tests. This study uses the multiple price list (MPL) method, which has been one of the most popular sets of elicitation procedures in experimental economics to study risk preferences in the experimental laboratory using non-interactive settings. The key findings of this study indicate that price risk aversion (PrRA) is statistically significantly greater than payoff risk aversion (PaRA). Additionally, it is shown that the risk preferences elicited under the expected utility theory (EUT) are somewhat subject to context. Other findings imply that the risk premium (RP), as a measure of willingness to pay for insuring an uncertain situation, is statistically significantly greater for stochastic prices compared to that for stochastic payoffs. These results are robust across different MPL designs and various statistical tests that are utilized.
