Testing between alternative models of choice under uncertainty: Some initial results View Full Text


Ontology type: schema:ScholarlyArticle     


Article Info

DATE

1990-03

AUTHORS

Raymond C. Battalio, John H. Kagel, Komain Jiranyakul

ABSTRACT

Experiments have identified a number of well-known violations of expected utility theory, giving rise to alternative models of choice under uncertainty, all of which are able to explain these violations. In this article, predictions of several prominent rival formulations are examined. No single alternative consistently organizes choices. Among the more important inconsistencies, we identify conditions generating systematic fanning in of indifference curves in the unit probability triangle, and find risk-loving over a number of gambles with all positive payoffs, in cases where prospect theory predicts risk aversion. More... »

PAGES

25-50

References to SciGraph publications

  • 1979. Utility Theory: Axioms Versus ‘Paradoxes’ in EXPECTED UTILITY HYPOTHESES AND THE ALLAIS PARADOX
  • 1989-04. An experimental test of several generalized utility theories in JOURNAL OF RISK AND UNCERTAINTY
  • 1983. Generalized Expected Utility Analysis and the Nature of Observed Violations of the Independence Axiom in FOUNDATIONS OF UTILITY AND RISK THEORY WITH APPLICATIONS
  • Identifiers

    URI

    http://scigraph.springernature.com/pub.10.1007/bf00213259

    DOI

    http://dx.doi.org/10.1007/bf00213259

    DIMENSIONS

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