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Evidence of a New Violation of the Independence Axiom

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Author Info
 Loomes, Graham
Abstract

During the past 40 years there has been an accumulation of experimental evidence suggesting that most of the axioms of expected utility theory are liable to be systematically violated by substantial numbers of individuals. Much of this evidence has focused in failures of the independence axioms and has stimulated a number of alternative models that try to explain that evidence in various ways. This article presents a fresh experiments that looks at a different kind of violation--one that does not appear to be easily accommodated by several of the more prominent alternative models as they are currently formulated. Copyright 1991 by Kluwer Academic Publishers

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

Volume (Year): 4 (1991)
Issue (Month): 1 (January)
Pages: 91-108
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Handle: RePEc:kap:jrisku:v:4:y:1991:i:1:p:91-108

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  1. Gregory S. Berns & C. Monica Capra & Sara Moore & Charles Noussair, 2007. "A shocking experiment: New evidence on probability weighting and common ratio violations," Judgment and Decision Making, Society for Judgment and Decision Making, vol. 2, pages 234-242, August. [Downloadable!]
  2. Syngjoo Choi & Raymond Fisman & Douglas Gale & Shachar Kariv, 2007. "Consistency, Heterogeneity, and Granularity of Individual Behavior under Uncertainty," Levine's Bibliography 321307000000000793, UCLA Department of Economics. [Downloadable!]
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  3. Shlomo Benartzi & Richard H. Thaler, 2001. "Naive Diversification Strategies in Defined Contribution Saving Plans," American Economic Review, American Economic Association, vol. 91(1), pages 79-98, March. [Downloadable!] (restricted)
  4. Ronald Bosman & Frans van Winden, 2006. "Global Risk, Investment, and Emotions," DNB Working Papers 112, Netherlands Central Bank, Research Department. [Downloadable!]
  5. John Hey & Luca Panaccione, . "Myopic, Naive, Resolute or Sophisticated? A study of how people take dynamic decisions," Discussion Papers 09/17, Department of Economics, University of York. [Downloadable!]
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