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Testing New Theories of Choice under Uncertainty Using the Common Consequence Effect

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Author Info
Starmer, Chris

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Abstract

A generalized common consequence problem is used to contrast the predictions of expected utility theory and several new theories of choice under uncertainty. An experiment designed to test these predictions is reported. Systematic violations of expected utility theory are detected but, although a consistent pattern emerges from the data, it offers little support for any of the new theories. The analysis is extended to test predictions that are unique to regret theory and significant regret effects are detected. Copyright 1992 by The Review of Economic Studies Limited.

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Publisher Info
Article provided by Blackwell Publishing in its journal Review of Economic Studies.

Volume (Year): 59 (1992)
Issue (Month): 4 (October)
Pages: 813-30
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Handle: RePEc:bla:restud:v:59:y:1992:i:4:p:813-30

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  1. John Hey, 2005. "Why We Should Not Be Silent About Noise," Experimental Economics, Springer, vol. 8(4), pages 325-345, December. [Downloadable!] (restricted)
  2. Larry G. Epstein & Angelo Melino, 1993. "A Revealed Preference Analysis of Asset Pricing Under Recursive Utility," NBER Working Papers 4524, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  3. Pavlo R. Blavatskyy, . "A Stochastic Expected Utility Theory," IEW - Working Papers iewwp231, Institute for Empirical Research in Economics - IEW. [Downloadable!]
  4. Bethany Weber, 2007. "The effects of losses and event splitting on the Allais paradox," Judgment and Decision Making, Society for Judgment and Decision Making, vol. 2, pages 115-125, April. [Downloadable!]
  5. Glenn Harrison & Steven Humphrey & Arjan Verschoor, 2005. "Choice Under Uncertainty in Developing Countries," Discussion Papers 2005-18, The Centre for Decision Research and Experimental Economics, School of Economics, University of Nottingham. [Downloadable!]
  6. Glenn W. Harrison & Steven J. Humphrey, 2005. "Choice Under Uncertainty in Developing Countries," Artefactual Field Experiments 0055, The Field Experiments Website. [Downloadable!]
  7. Mark J. Machina, 2000. "Payoff Kinks in Preferences over Lotteries," University of California at San Diego, Economics Working Paper Series 2000-22, Department of Economics, UC San Diego. [Downloadable!]
  8. Robin Cubitt & Chris Starmer & Robert Sugden, 1998. "On the Validity of the Random Lottery Incentive System," Experimental Economics, Springer, vol. 1(2), pages 115-131, September. [Downloadable!] (restricted)
  9. Bruno S. Frey, . "Knight Fever towards an Economics of Awards," IEW - Working Papers iewwp239, Institute for Empirical Research in Economics - IEW. [Downloadable!]
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