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The impact of statistical learning on violations of the sure-thing principle

Author

Listed:
  • Alexander Zimper
  • Aylit T. Romm
  • Nicky Nicholls

Abstract

This paper experimentally tests whether violations of Savage’s (1954) subjective expected utility theory decrease if the ambiguity of an uncertain decision situation is reduced through statistical learning. Because our data does not show such a decrease, existing models which formalize ambiguity within an Anscombe-Aumann (1963) framework – thereby reducing to expected utility theory in the […]

Suggested Citation

  • Alexander Zimper & Aylit T. Romm & Nicky Nicholls, 2013. "The impact of statistical learning on violations of the sure-thing principle," Working Papers 386, Economic Research Southern Africa.
    • Handle: RePEc:rza:wpaper:386
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    More about this item

    Keywords

    economic theory; Quantitative Methods; Social Programmes;
    All these keywords.

    JEL classification:

    • C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty

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