The biological basis of expected utility anomalies
AbstractWe assess the biological basis of expected utility anomalies through an experiment of the Allais paradox. A questionnaire study of 120 subjects replicates the anomalies and further gathers information about the respondents’ bio-characteristics, such as gender, age, parenthood, handedness, second to fourth digit ratio, current emotional state, past negative experiences, and religiousness. We find that some of those bio-characteristics matter for the anomalies.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 4520.
Date of creation: 17 Aug 2007
Date of revision:
expected utility anomalies; risky choice; Allais paradox; experimental economics;
Find related papers by JEL classification:
- 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-2007-08-27 (All new papers)
- NEP-CBE-2007-08-27 (Cognitive & Behavioural Economics)
- NEP-EXP-2007-08-27 (Experimental Economics)
- NEP-NEU-2007-08-27 (Neuroeconomics)
- NEP-UPT-2007-08-27 (Utility Models & Prospect Theory)
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