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Market failure in light of non-expected utility

机译：考虑到非预期效用的市场失灵

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摘要

This paper merges the non-expected utility approach (Tversky and Kahne-man, J Risk Uncertain 5:297-323,1992 and Quiggin, J Econ Behav Organ 3:323-343, 1982) into Akerlof's (Quart J Econ 84:488-500, 1970) model of Market for Lemons. We derive the results for different probability weighting functions and analyze the phenomenon of market failure in light of non-expected utility maximization. Our main finding suggests that when the proportion of traded lemons is high (low), the problem of market failure is mitigated (enhanced). In addition, for the case of Cumulative Prospect Theory, we show that (a) the higher the loss aversion is, the more pronounced is the market failure; (b) gain-domain elevation is negatively related to the extent of market failure; and (c) the value function is (ⅰ) negatively monotonic in the gain-domain diminishing sensitivity parameter when the market is characterized by a high proportion of "peaches," and (ⅱ) positively monotonic in the loss-domain diminishing sensitivity parameter when the market is characterized by a high proportion of "lemons."
机译：本文将非预期效用方法（Tversky和Kahne-man，J Risk Uncertain 5：297-323，1992和Quiggin，J Econ Behav Organ 3：323-343，1982）合并到Akerlof（Quart J Econ 84：488）中。 -500，1970）柠檬市场模型。我们根据不同的概率加权函数得出结果，并根据非预期效用最大化来分析市场失灵现象。我们的主要发现表明，当柠檬交易的比例高（低）时，市场失灵的问题得到缓解（增强）。此外，对于累积前景理论，我们表明：（a）损失规避越高，市场失灵越明显； （b）增益域提升与市场失灵程度负相关； （c）当市场以“豌豆”的比例较高为特征时，价值函数在收益域递减灵敏度参数中为负单调；而在损失域递减敏感度参数中，（function）在损失域递减灵敏度参数中为正单调市场的特点是“柠檬”比例很高。

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