标题： 通过间接效用函数测量价格风险厌恶：一项实验室实验 显示英文标题

标题： Measuring Price Risk Aversion through Indirect Utility Functions: A Laboratory Experiment

摘要： 本文介绍了一个理论框架，通过间接效用函数（IUF）的背景，可以测量对不确定价格的风险厌恶程度，该框架通过实验室实验进行验证。 首先，本文介绍了经济学中对偶理论（DT）的主要要素。 接下来，它提出了间接效用函数（IUF）作为衡量价格风险厌恶的合适框架，通过变化的价格而非变化的收益来衡量，这在实验经济学的主流中是常见做法。 事实上，现代微观经济学中的对偶理论表明，直接效用函数（DUF）和间接效用函数（IUF）是彼此对偶的，这隐含地表明，一个理性的主体在DUF背景下表现出的风险厌恶（或风险寻求）程度必须与在IUF背景下引发的风险厌恶（或风险寻求）程度相等。 本文通过一系列相关的统计检验，在实验室实验中测试了这一理论预测的准确性。 本研究使用了多价格列表（MPL）方法，这是实验经济学中最受欢迎的诱发程序之一，用于在非交互式环境中研究实验实验室中的风险偏好。 本研究的关键发现表明，价格风险厌恶（PrRA）在统计上显著大于收益风险厌恶（PaRA）。 此外，还表明在期望效用理论（EUT）下诱发的风险偏好在一定程度上受情境影响。 其他发现表明，作为衡量为保险不确定情况而愿意支付的意愿的险溢价（RP），在随机价格的情况下比在随机收益的情况下在统计上显著更大。 这些结果在不同的MPL设计和所使用的各种统计检验中都是稳健的。 显示英文摘要

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.