This page presents the data used in

[96.1] Wakker, Peter P. & Daniel Deneffe (1996), “Eliciting von Neumann- Morgenstern Utilities when Probabilities Are Distorted or Unknown,” Management Science 42, 1131-1150.

Printing this file

When printed, the data come out best in nonproportional fonts such as Courier.

Stimuli

See the paper.

Subjects

Error cases are not reported here, see the paper. We only report the cases used in the analysis of the paper. Several groups of subjects were used, which can be identified by group variable (record 1 colums 2-4, values LI1, Kgn, LI3, RUP, Mhm, Mst). Subjects LI1.01 till LI1.14, Kgn.01 till Kgn.17, LI3.01 till LI3.10, and RUP.01 till RUP.15, 41 subjects in total, participated in the life duration experiment. Subjects Mhm.01 till Mhm.14 and Mst.01 till Mst.31, 36 subjects in total, participated in the monetary experiment. In the latter experiment, Mhm refers to researchers in finance at the University of Mannheim, for whom the unit of payment was DM 1000, and Mst refers to economics students at the University of Maastricht, for whom the unit of payment was Dfl. 1000.

Codebook

The symbols x0 - x4, y1 - y3, and p1 - p3 hereafter are as in Wakker & Deneffe (1996). Each case (= subject) consists of three records (= lines). Numbers indicate positions in lines.

 
 record 1: 
           2-4: group
           6-8: number
           11-13: quality (g for all cases here: “no error”)
           17-19: x0
           25-30: x1
           33-38: x2
           41-46: x3
           49-54: x4
 record 2:
           25-30: y1
           33-38: y2
           41-46: y3
 record 3:
           24-28: p1
           32-37: p2
           40-45: p3

Calculations

We used the following variables in the analysis:

 Computation of normalized scores:
 nx1 = (x1-x0)/(x4-x0)
 nx2 = (x2-x0)/(x4-x0)
 nx3 = (x3-x0)/(x4-x0)
 ny1 = (y1-x0)/(x4-x0)
 ny2 = (y2-x0)/(x4-x0)
 ny3 = (y3-x0)/(x4-x0)

The data

Here are the data:

 LI1 01   g     06      09      12      15      18   
                        09      12      14
                        #       #       #
 LI1 02   g     06      12      20      26      32   
                        08      12      16   
                        #       #       #   
 LI1 03   g     06      10      15      20      30   
                        12      18      24   
                        #       #       #   
 LI1 04   g     06      10      15      25      40   
                        09      12      19   
                        #       #       #   
 LI1 05   g     06      11      17      30      40   
                        10      15      25   
                        #       #       #   
 LI1 06   g     06      09      12      15      18   
                        09      12      15   
                        #       #       #
 LI1 07   g     06      10      14      17      20   
                        08      10      15   
                        #       #       #   
 LI1 08   g     06      11      23      38      53   
                        09      12      25   
                        #       #       #   
 LI1 09   g     06      09      12      15      18   
                        09      12      15   
                        #       #       #   
 LI1 10   g     06      10      14      18      22   
                        10      14      18   
                        #       #       #   
 LI1 11   g     06      12      20      30      50   
                        12      20      30   
                        #       #       #   
 Kgn 01   g     06      20      30      35      40
                        09      12      17   
                       .80     .98     .999 
 Kgn 02   g     06      15      25      30      35
                        08      10      15   
                       .70     .95      1    
 Kgn 03   g     06      12      19      31      50
                        11      20      32   
                       .33     .55     .92   
 Kgn 04   g     06      15      25      40      70
                        12      20      35   
                       .40     .60     .90   
 Kgn 05   g     06      12      18      25      35
                        09      16      24 
                       .50     .75     .95   
 Kgn 06   g     06      09      14      15      20
                        08      12      16   
                       .90     .98     .999  
 Kgn 07   g     06      10      14      18      22
                        10      14      18   
                       .50     .60     .70   
 Kgn 08   g     06      10      20      25      33
                        08      12      17
                       .30     .55     .70
 Kgn 09   g     06      11      17      24      34
                        09      16      23   
                       .70     .85     .98   
 Kgn 10   g     06      11      16      25      35
                        14      22      30   
                       .40     .50     .70   
 Kgn 11   g     06      10      13      17      21
                        09      12      15   
                       .60     .70     .80   
 Kgn 12   g     06      11      16      19      23
                        08      14      18   
                       .50     .80      1    
 Kgn 13   g     06      09      12      15      18
                        08      10      13
                       .50     .60     .80
 LI3 01   g     06      10      14      18      22   
                        10      14      18
                       .65     .80     .95
 LI3 02   g     06      15      25      30      40   
                        08      12      20
                       .60     .75     .96
 LI3 03   g     06      12      16      25      35   
                        12      20      28
                       .30     .50     .95
 LI3 04   g     06      12      20      30      42   
                        15      24      33
                       .33     .50     .75
 LI3 05   g     06      10      14      18      22   
                        11      15      19
                       .66     .75     .90
 LI3 06   g     06      10      16      27      45   
                        12      20      33   
                       .33     .45     .55
 LI3 07   g     06      15      20      25      30   
                        10      15      20
                       .70     .80     .99
 RUP 01   g     06      15      20      25      30
                        15      20      25   
                        #       #       #   
 RUP 02   g     06      09      12      14      15
                        07      10      11   
                        #       #       #   
 RUP 03   g     06      11      15      20      26
                        10      16      21   
                        #       #       #   
 RUP 04   g     06      10      14      20      30
                        10      19      23   
                        #       #       #   
 RUP 05   g     06      09      14      21      40
                        12      20      30   
                        #       #       #   
 RUP 06   g     06      08      11      15      25
                        08      10      15   
                        #       #       #   
 RUP 07   g     06      12      17      25      35
                        12      20      27   
                        #       #       #   
 RUP 08   g     06      15      22      26      30
                        14      20      25   
                        #       #       #   
 RUP 09   g     06      15      20      25      30
                        12      18      24   
                        #       #       #   
 RUP 10   g     06      09      12      15      18
                        09      12      15   
                        #       #       #   
 Mhm 01   g     100     210     350     480     620
                        175     300     440
                       .35     .55     .85
 Mhm 02   g     100     200     320     450     600
                        150     250     350
                       .33     .50     .60
 Mhm 03   g     100     300     600     1200    2400
                        500     1000    1400
                       .33     .40     .50
 Mhm 04   g     100     170     240     310     380
                        170     240     310
                       .30     .40     .80
 Mhm 05   g     100     170     240     310     380
                        170     240     310
                       .35     .50     .75
 Mhm 06   g     100     170     240     310     380
                        110     150     180
                       .80     .95     .99
 Mhm 07   g     100     200     290     370     450
                        180     300     360
                       .40     .50     .80
 Mhm 08   g     100     190     290     450     600
                        290     400     550
                       .25     .33     .60
 Mhm 09   g     100     200     320     400     500
                        160     270     360
                       .30     .60     .78
 Mhm 10   g     100     250     400     650     800
                        325     450     625
                       .30     .40     .80
 Mhm 11   g     100     250     400     540     690
                        230     400     530
                       .40     .60     .80
 Mhm 12   g     100     290     400     520     620
                        150     290     420
                       .55     .85     .95
 Mhm 13   g     100     200     400     550     800
                        320     500     700
                        #       #       #
 Mst 01   g     100     500     600     650     725
                        150     200     350
                       .90     .99      1
 Mst 02   g     100     350     800     1000    1150
                        350     600     900
                       .30     .70     .80
 Mst 03   g     100     170     240     310     380
                        170     240     310
                       .25     .50     .75
 Mst 04   g     100     500     650     800     1000
                        175     350     550
                       .80     .95     .999
 Mst 05   g     100     170     240     310     380
                        170     240     310
                       .25     .50     .75
 Mst 06   g     100     200     400     600     1000
                        325     550     775
                       .111    .333    .556
 Mst 07   g     100     400     800     1000    1200
                        300     800     1000
                       .40     .70     .90
 Mst 08   g     100     300     500     700     800
                        250     500     650 
                       .50     .70     .95
 Mst 10   g     100     250     400     600     800
                        275     450     625
                       .15     .45     .75
 Mst 11   g     100     350     800     1000    1200
                        400     700     1000
                       .50     .75     .9
 Mst 12   g     100     500     700     1000    1500
                        300     600     1000
                       .40     .65     .90
 Mst 13   g     100     210     441     926     1945
                        566     1033    1489
                       .060    .185    .448
 Mst 14   g     100     170     240     310     380
                        170     240     310
                       .25     .50     .75
 Mst 15   g     100     270     400     550     650
                        245     380     510
                       .40     .51     .90 
 Mst 16   g     100     300     500     700     1000
                        250     500     750
                       .20     .60     .90
 Mst 17   g     100     170     240     310     380
                        170     240     310
                       .25     .50     .75 
 Mst 18   g     100     250     600     1800    2000
                        175     400     750
                       .40     .65     .999
 Mst 19   g     100     350     900     1800    2000
                        575     1050    1525
                       .18     .45     .90 
 Mst 20   g     100     350     475     650     900
                        300     500     700
                       .313    .469    .688
 Mst 21   g     100     500     1200    1800    3600
                        925     1850    2725
                       .12     .30     .47
 Mst 22   g     100     300     500     1000    1700
                        800     1200    1500 
                       .45     .60     .90
 Mst 23   g     100     300     400     500     580
                        220     350     430
                       .55     .70     .87
 Mst 24   g     100     200     400     600     800
                        275     450     625
                       .14     .43     .71