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dc.contributor.authorHe, Yuqingen
dc.date.accessioned2012-07-26-
dc.date.accessioned2012-07-30T15:44:51Z-
dc.date.available2012-07-30T15:44:51Z-
dc.date.issued2012-
dc.identifier.citation|aEconomics: The Open-Access, Open-Assessment E-Journal|c1864-6042|v6|h2012-29|nKiel Institute for the World Economy (IfW)|lKiel|y2012|p1-35en
dc.identifier.pidoi:10.5018/economics-ejournal.ja.2012-29en
dc.identifier.urihttp://hdl.handle.net/10419/60226-
dc.description.abstractThe paper explores utility measures by combining experiments with mathematical derivations in the psychophysics paradigm. The analysis on the ultimatum game experiment reveals evidences for the utility threshold and thus supports Bernoulli's utility logarithmic law. Both experimental results and theoretical derivations show that the logarithmic law is suitable for the description of commodity choice and the power law for risk choice. The further mathematical demonstration indicates the logarithmic law for utility scaling to be a KleinRubin utility function, a utility function well defined in microeconomics. Based on this, the experimental utility measure is connected with the econometric model Linear Expenditure System, and presents an experimental procedure for testing the utility maximization hypothesis, which will resolve a long unsettled perplexity in a fundamental stone of economics since Gossen proposed it in 1854.en
dc.language.isoengen
dc.publisher|aKiel Institute for the World Economy (IfW) |cKielen
dc.subject.jelA12en
dc.subject.jelD01en
dc.subject.ddc330en
dc.subject.keywordpsychophysicsen
dc.subject.keywordultimatum gameen
dc.subject.keywordutility functionen
dc.subject.keywordlogarithmic lawen
dc.subject.keywordpower lawen
dc.subject.stwNutzenen
dc.subject.stwUltimatumspielen
dc.subject.stwWirtschaftspsychologieen
dc.subject.stwNachfragesystemen
dc.subject.stwTheorieen
dc.titlePsychophysical interpretation for utility measures-
dc.typeArticleen
dc.identifier.ppn720191475en
dc.rights.licensehttp://creativecommons.org/licenses/by-nc/2.0/de/deed.enen
dc.identifier.repecRePEc:zbw:ifweej:201229en
econstor.citation.journaltitleEconomics: The Open-Access, Open-Assessment E-Journalen
econstor.citation.issn1864-6042en
econstor.citation.volume6en
econstor.citation.issue2012-29en
econstor.citation.publisherKiel Institute for the World Economy (IfW)en
econstor.citation.publisherplaceKielen
econstor.citation.year2012en
econstor.citation.startpage1en
econstor.citation.endpage35en

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