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Allais for all: Revisiting the paradox in a large representative sample

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  • Steffen Huck

    ()

  • Wieland Müller

    ()

Abstract

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File URL: http://hdl.handle.net/10.1007/s11166-012-9142-8
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Bibliographic Info

Article provided by Springer in its journal Journal of Risk and Uncertainty.

Volume (Year): 44 (2012)
Issue (Month): 3 (June)
Pages: 261-293

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Handle: RePEc:kap:jrisku:v:44:y:2012:i:3:p:261-293

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Web page: http://www.springerlink.com/link.asp?id=100299

Related research

Keywords: Expected utility theory; Allais paradox; Common consequence effect; Field experiments; Representative sample; C93; D81;

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References

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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  1. Gaudecker, H.M. von & Soest, A.H.O. van & Wengstrom, E., 2009. "Heterogeneity in Risky Choice Behavior in a Broad Population," Discussion Paper 2009-12, Tilburg University, Center for Economic Research.
  2. Glenn W. Harrison & John A. List, 2004. "Field Experiments," Journal of Economic Literature, American Economic Association, vol. 42(4), pages 1009-1055, December.
  3. Amos Tversky & Daniel Kahneman, 1979. "Prospect Theory: An Analysis of Decision under Risk," Levine's Working Paper Archive 7656, David K. Levine.
  4. Dohmen Thomas & Falk Armin & Huffman David & Sunde Uwe & Schupp Jürgen & Wagner Gert G., 2009. "Individual Risk Attitudes: Measurement, Determinants and Behavioral Consequences," Research Memorandum 039, Maastricht University, Maastricht Research School of Economics of Technology and Organization (METEOR).
  5. Burke, Michael S, et al, 1996. "An Experimental Note on the Allais Paradox and Monetary Incentives," Empirical Economics, Springer, vol. 21(4), pages 617-32.
  6. Enrique Fatás & Tibor Neugebauer & Pilar Tamborero, 2004. "How Politicians Make Decisions: A Political Choice Experiment," IESA Working Papers Series 0410, Institute for Social Syudies of Andalusia - Higher Council for Scientific Research.
  7. Charles Bellemare & Sabine Kroger, 2005. "On representative social capital," Artefactual Field Experiments 00006, The Field Experiments Website.
  8. Enrica Carbone, 2005. "Demographics and Behaviour," Experimental Economics, Springer, vol. 8(3), pages 217-232, September.
  9. Dohmen Thomas & Falk Armin & Huffman David & Sunde Uwe, 2009. "Are Risk Aversion and Impatience Related to Cognitive Ability?," ROA Research Memorandum 007, Maastricht University, Research Centre for Education and the Labour Market (ROA).
  10. Gijs Kuilen & Peter Wakker, 2006. "Learning in the Allais paradox," Journal of Risk and Uncertainty, Springer, vol. 33(3), pages 155-164, December.
  11. Thierry Post & Martijn J. van den Assem & Guido Baltussen & Richard H. Thaler, 2008. "Deal or No Deal? Decision Making under Risk in a Large-Payoff Game Show," American Economic Review, American Economic Association, vol. 98(1), pages 38-71, March.
  12. Fan, Chinn-Ping, 2002. "Allais paradox in the small," Journal of Economic Behavior & Organization, Elsevier, vol. 49(3), pages 411-421, November.
  13. Starmer, Chris & Sugden, Robert, 1991. "Does the Random-Lottery Incentive System Elicit True Preferences? An Experimental Investigation," American Economic Review, American Economic Association, vol. 81(4), pages 971-78, September.
  14. Glenn Harrison & Morten Lau & Elisabet Rutstrom, 2005. "Risk attitudes, randomization to treatment, and self-selection into experiments," Artefactual Field Experiments 00061, The Field Experiments Website.
  15. Machina, Mark J, 1982. ""Expected Utility" Analysis without the Independence Axiom," Econometrica, Econometric Society, vol. 50(2), pages 277-323, March.
  16. James Banks, 2006. "Economic capabilities, choices and outcomes at older ages," Fiscal Studies, Institute for Fiscal Studies, vol. 27(3), pages 281-311, August.
  17. James J. Heckman, 1976. "The Common Structure of Statistical Models of Truncation, Sample Selection and Limited Dependent Variables and a Simple Estimator for Such Models," NBER Chapters, in: Annals of Economic and Social Measurement, Volume 5, number 4, pages 475-492 National Bureau of Economic Research, Inc.
  18. Steven D. Levitt & John A. List, 2007. "What Do Laboratory Experiments Measuring Social Preferences Reveal About the Real World?," Journal of Economic Perspectives, American Economic Association, vol. 21(2), pages 153-174, Spring.
  19. Harrison, Glenn W, 1994. "Expected Utility Theory and the Experimentalists," Empirical Economics, Springer, vol. 19(2), pages 223-53.
  20. Conlisk, John, 1989. "Three Variants on the Allais Example," American Economic Review, American Economic Association, vol. 79(3), pages 392-407, June.
  21. Chris Starmer, 2000. "Developments in Non-expected Utility Theory: The Hunt for a Descriptive Theory of Choice under Risk," Journal of Economic Literature, American Economic Association, vol. 38(2), pages 332-382, June.
  22. Gaudecker, Hans-Martin von & van Soest, Arthur & Wengström, Erik, 2011. "Experts in Experiments: How Selection Matters for Estimated Distributions of Risk Preferences," IZA Discussion Papers 5575, Institute for the Study of Labor (IZA).
  23. Viscusi, W Kip, 1989. " Prospective Reference Theory: Toward an Explanation of the Paradoxes," Journal of Risk and Uncertainty, Springer, vol. 2(3), pages 235-63, September.
  24. John List & Michael Haigh, 2005. "A simple test of expected utility theory using professional traders," Artefactual Field Experiments 00093, The Field Experiments Website.
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Citations

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Cited by:
  1. Vieider, Ferdinand M. & Truong, Nghi & Martinsson, Peter & Pham Khanh Nam & Martinsson, Peter, 2013. "Risk preferences and development revisited: A field experiment in Vietnam," Discussion Papers, WZB Junior Research Group Risk and Development SP II 2013-403, Social Science Research Center Berlin (WZB).
  2. Blavatskyy, Pavlo R., 2013. "The reverse Allais paradox," Economics Letters, Elsevier, vol. 119(1), pages 60-64.
  3. Roman V. Belavkin, 2014. "Asymmetry of Risk and Value of Information," SEET Working Papers 2014-03, BELIS, Istanbul Bilgi University.
  4. Alison Booth & Patrick Nolen, 2012. "Salience, Risky Choices and Gender," CEPR Discussion Papers 659, Centre for Economic Policy Research, Research School of Economics, Australian National University.
  5. Vieider, Ferdinand M. & Chmura, Thorsten & Martinsson, Peter, 2012. "Risk attitudes, development, and growth: Macroeconomic evidence from experiments in 30 countries," Discussion Papers, WZB Junior Research Group Risk and Development SP II 2012-401, Social Science Research Center Berlin (WZB).
  6. Hans-Martin Gaudecker & Arthur Soest & Erik Wengström, 2012. "Experts in experiments," Journal of Risk and Uncertainty, Springer, vol. 45(2), pages 159-190, October.

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