‘Stochastically more risk averse:’ A contextual theory of stochastic discrete choice under risk
“随机意义上更厌恶风险”：风险下随机离散选择的情境理论
Microeconometric treatments of discrete choice under risk are typically homoscedastic latent variable models. Specifically, choice probabilities are given by preference functional differences (given by expected utility, rank-dependent utility, etc.) embedded in cumulative distribution functions. This approach has a problem: Estimated utility function parameters meant to represent agents' degree of risk aversion in the sense of Pratt (1964) do not imply a suggested…