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A new preference model that allows for narrow framing
Journal of Mathematical Economics ( IF 1.0 ) Pub Date : 2021-01-16 , DOI: 10.1016/j.jmateco.2020.102470
Jing Guo , Xue Dong He

Narrow framing is the idea that, when considering a monetary risk, the individual evaluates it to some extent in isolation and separately from her other risks. Originally documented in experimental settings, narrow framing has been widely applied to explain real-world investor behavior. We show that a prominent mathematical model of narrow framing presented in Barberis and Huang (2009) has some drawbacks that limit its applicability. We then propose a new model of narrow framing that overcomes these limitations and show its tractability in applications to choice over monetary gambles.



中文翻译:

允许窄取景的新偏好模型

狭义框架是指在考虑货币风险时,个人在一定程度上独立于其他风险对其进行评估。最初记录在实验环境中,窄框架已被广泛应用于解释现实世界的投资者行为。我们表明 Barberis 和 Huang (2009) 提出的一个突出的窄框架数学模型有一些限制其适用性的缺点。然后,我们提出了一种新的窄框架模型,该模型克服了这些限制,并显示了其在选择货币赌博的应用中的易处理性。

更新日期:2021-01-16
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