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Estimation of Revealed Probabilities and Utility Functions for Product Safety Decisions

dc.contributor.authorViscusi, W. Kip
dc.contributor.authorEvans, William N.
dc.identifier.citation80 Rev. Econ. and Stat. 23 (1998)en_US
dc.description.abstractUsing survey data on consumer product purchases, this paper introduces an approach to estimate jointly individual utility functions and risk perceptions implied by their decisions. The behavioral risk beliefs reflected in consumers risky decisions differ from the stated probabilities given to them in the survey. These results are not consistent with a Bayesian learning model in which the information respondents utilize is restricted to what the survey presents. The results are, however, potentially consistent with models in which prior risk information is influential or models in which people do not act in a fully rational manner.en_US
dc.format.extent1 PDF (7 pages)en_US
dc.publisherThe Review of Economics and Statisticsen_US
dc.subject.lcshRisk assessment -- United Statesen_US
dc.subject.lcshConsumers -- Attitudesen_US
dc.subject.lcshBehavioral assessmenten_US
dc.titleEstimation of Revealed Probabilities and Utility Functions for Product Safety Decisionsen_US

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