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Article

Индивидуальные представления об удаче как фактор принятия решений

This paper considers subjective beliefs in luck application to the theory of decision making under risk. Economic and psychological literature on this subject is analyzed in order to provide foundations and methodological guide for this application. It is also shown why ignoring these beliefs may result in significant biases for empirical analysis. Particularly it is shown that this ignoring may bias risk aversion parameters in individual utility function: risk averse person can be mistaken for risk loving one and vice versa. Finally, it is concluded that it is possible to apply beliefs in luck to decision making theory using concepts of subjective probabilities and stochastic dominance.