This paper reports on the results of a Monte Carlo investigation into the power of commonly employed procedures for identifying the 'correct' preference functional of individuals, and hence for discriminating between the large number of preference functionals now advocated in the theoretical...

This article is connected with recent attempts to estimate EU and Generalised EU preference functionals using (complete ranking) experimental data and maximum likelihood estimation techniques. In particular, we explore, using Monte Carlo techniques, the power of such procedures in correctly...

Two recent papers, Harless and Camerer (1994) and Hey and Orme (1994) are both addressed to the same question: which is the "best" theory of decision making under risk? As an essential part of their separate approaches to an answer to this question, both sets of authors had to make an assumption...