基于间接效用函数的价格风险厌恶度量：一个实验室研究
Measuring Price Risk Aversion through Indirect Utility Functions: A Laboratory Experiment
摘要：
本文介绍了一个理论框架，通过该框架，可以通过间接效用函数（IUF）的背景下，使用实验室实验测量的风险规避程度相对于不确定的价格。本文首先介绍了经济学中二元理论的主要内容。接下来，它提出了一个合适的框架，通过不同的价格，而不是不同的回报，这一直是实验经济学的主流惯例来衡量价格风险规避的背景下，IUF。事实上，现代微观经济学中的DT表明，直接效用函数（DUF）和IUF是对偶的，这暗示着给定理性主体在DUF背景下表现出的风险厌恶（或风险寻求）程度必须等同于通过IUF背景引发的风险厌恶（或风险寻求）程度。本文通过一系列相关的统计检验，通过实验室实验来检验这一理论预测的准确性。本研究使用多重价格表（MPL）的方法，这一直是在实验经济学中最流行的一套启发程序，研究风险偏好在实验室使用非交互式设置。本研究的主要发现表明，价格风险厌恶（PrRA）是统计上显着大于回报风险厌恶（PaRA）。此外，它表明，风险偏好下引出的期望效用理论（EUT）是有点受上下文。其他研究结果意味着，风险溢价（RP），作为一种衡量愿意支付保险不确定的情况下，是统计上显着更大的随机价格相比，随机回报。这些结果在不同的MPL设计和使用的各种统计检验中具有稳健性。
英文摘要：
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.
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