Biological correlates of the Allais paradox
AbstractWe conducted a questionnaire study with student subjects to look for explicit correlations between selected biological characteristics of the subjects and manifestation of the Allais paradox in the pattern of their choices between sets of two pairs of risky prospects. We find that particular bio-characteristics, such as gender, menstrual cycle, mother’s age, parenthood, digit ratio, perceived negative life events, and emotional state, can be related to the paradox. Women, in particular if not menstruating, are less susceptible to the paradox. Those born to not-too-young mothers are also less prone to the paradox. The same holds true for those who father children, those with high prenatal testosterone exposure, who have reported many negative life events, and those who were anxious, excited, aroused, happy, active, and fresh at the time of the experiment. Further, left-handers and atheists may be less inclined to exhibit the paradox.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 18938.
Date of creation: 30 Nov 2009
Date of revision:
Allais paradox; choice under risk; biological characteristics;
Other versions of this item:
- D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
- C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior
This paper has been announced in the following NEP Reports:
- NEP-ALL-2009-12-05 (All new papers)
- NEP-CBE-2009-12-05 (Cognitive & Behavioural Economics)
- NEP-NEU-2009-12-05 (Neuroeconomics)
- NEP-UPT-2009-12-05 (Utility Models & Prospect Theory)
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