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Three Variants on the Allais Example

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  • Conlisk, John

Abstract

Three variants on the famous Allais example were administered to student subjects. Two variants involved small changes in the example, yet greatly diminished the qualitative behavior known as the Allais Paradox. The third variant is almost a direct test of Daniel Kahneman and Amos Tversky's certainty effect against Mark Machina's fanning out hypothesis; the results favor the certainty effect over the fanning out hypothesis for at least the case of straight line indifference curves. Copyright 1989 by American Economic Association.

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  • Conlisk, John, 1989. "Three Variants on the Allais Example," American Economic Review, American Economic Association, vol. 79(3), pages 392-407, June.
    • Handle: RePEc:aea:aecrev:v:79:y:1989:i:3:p:392-407
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