An Experimental Note on the Allais Paradox and Monetary Incentives
We test whether violations of expected utility theory in an Allais-paradox environment are sensitive to monetary incentives. Like Harrison (1994), we find that violations are significantly reduced when lotteries are real rather than hypothetical. Coauthors are John R. Carter, Robert D. Gominiak, and Daniel F. Ohl.
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Volume (Year): 21 (1996)
Issue (Month): 4 ()
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- Smith, Vernon L, 1982. "Microeconomic Systems as an Experimental Science," American Economic Review, American Economic Association, vol. 72(5), pages 923-955, December.
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