Electronic Resource
Oxford, UK
:
Blackwell Publishing Ltd
Decision sciences
7 (1976), S. 0
ISSN:
1540-5915
Source:
Blackwell Publishing Journal Backfiles 1879-2005
Topics:
Economics
Notes:
The main focus of this article is to compare utility functions derived by the Von Neumann-Morgenstern conceptual apparatus with those imputed through actual pricing behavior. The study is cast in a competitive bidding setting in the oil drilling industry. A version of the Friedman bidding model is used to generate separate bidding models for two drilling contractors. From the actual bids submitted by the contractors and those generated by the model, one can construct each contractor's imputed utility function. An examination of a contractor's derived and imputed utility functions over a common range of outcomes then provides a diagnostic check on the veracity of the Von Neumann-Morgenstern theory as a prescriptive model of executive behavior.
Type of Medium:
Electronic Resource
URL:
http://dx.doi.org/10.1111/j.1540-5915.1976.tb00720.x
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