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Reconciling Some Conflicting Evidence on Decision Making under Uncertainty

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Author Info
Edward J. Green (Federal Reserve Bank of Minneapolis)

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Abstract

Laboratory experiments concerning decision under uncertainty tend to uncover systematic violations of Bayesian rationality. When models that posit Bayesian rationality are compared to non-experimental data, though, they fit the data well. One possible explanation is that an agent's global pattern of choices may not be rationalizable, but that the pattern may satisfy weak conditions sufficent to rationalize the limited range of choices required by any particular decision protocol. Examples of such patterns are constructed here. An agent who adopts a protocol acts rationally, but an experimenter induces irrationality by imposing distinct protocols in various phases of the experiment.

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Publisher Info
Paper provided by EconWPA in its series Game Theory and Information with number 9509002.

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Length: 10 pages
Date of creation: 14 Sep 1995
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Handle: RePEc:wpa:wuwpga:9509002

Note: 10 pages, plain TeX
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Web page: http://129.3.20.41

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Find related papers by JEL classification:
C7 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory
D8 - Microeconomics - - Information, Knowledge, and Uncertainty

References listed on IDEAS
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  1. Green, Edward J. & Park, In-Uck, 1996. "Bayes contingent plans," Journal of Economic Behavior & Organization, Elsevier, vol. 31(2), pages 225-236, November. [Downloadable!] (restricted)
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