IDEAS home Printed from https://ideas.repec.org/a/ucp/jpolec/doi10.1086-739829.html

Ever since Allais

Author

Listed:
  • Aluma Dembo
  • Shachar Kariv
  • Matthew Polisson
  • John K.-H. Quah

Abstract

The Allais critique of expected utility theory (EUT) has led to the development of theories of choice under risk that relax the independence axiom but adhere to the fundamental/conventional axioms of ordering (completeness and transitivity) and monotonicity (with respect to first-order stochastic dominance). Unlike experimental work designed to test independence, our experiment is comprehensive, testing the entire set of axioms on which EUT is based. Our econometric analysis is also nonparametric and performed at the level of each individual subject. For the vast majority of subjects, departures from independence are small relative to departures from ordering and/or monotonicity.

Suggested Citation

  • Aluma Dembo & Shachar Kariv & Matthew Polisson & John K.-H. Quah, 2026. "Ever since Allais," Journal of Political Economy, University of Chicago Press, vol. 134(6), pages 1846-1889.
    • Handle: RePEc:ucp:jpolec:doi:10.1086/739829
    DOI: 10.1086/739829
    as

    Download full text from publisher

    File URL: http://dx.doi.org/10.1086/739829
    Download Restriction: Access to the online full text or PDF requires a subscription.
    File URL: http://dx.doi.org/10.1086/739829
    Download Restriction: Access to the online full text or PDF requires a subscription.
    File URL: https://libkey.io/10.1086/739829?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to look for a different version below or

    for a different version of it.

    Other versions of this item:

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. is not listed on IDEAS
    2. Nir Billfeld & Moshe Kim, 2024. "Context-dependent Causality (the Non-Nonotonic Case)," Papers 2404.05021, arXiv.org.
    3. Georgios Gerasimou, 2021. "Eliciting and Distinguishing Between Weak and Incomplete Preferences: Theory, Experiment and Computation," Papers 2111.14431, arXiv.org, revised Sep 2025.
    4. Brett Williams, 2023. "Violations of first-order stochastic dominance," Journal of the Economic Science Association, Springer;Economic Science Association, vol. 9(2), pages 239-251, December.
    5. Yi-Shan Lee & Roberto A. Weber, 2025. "Revealed Privacy Preferences: Are Privacy Choices Rational?," Management Science, INFORMS, vol. 71(3), pages 2657-2677, March.
    6. Matthew Polisson & John Quah, 2022. "Rationalizability, Cost-Rationalizability, and Afriat's Efficiency Index," Bristol Economics Discussion Papers 22/754, School of Economics, University of Bristol, UK.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ucp:jpolec:doi:10.1086/739829. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Journals Division (email available below). General contact details of provider: https://www.journals.uchicago.edu/JPE .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.