When Allais meets Ulysses: Dynamic Consistency and the Certainty Effect
We report experimental findings about subjects’ behavior in dynamic decision problems involving multistage lotteries with different timings of resolution of uncertainty. Our within subject design allows us to study violations of the independence axiom in the light of the dynamic axioms' ones : dynamic consistency, consequentialism and reduction of compound lotteries.
|Date of creation:||Dec 2009|
|Date of revision:||Sep 2012|
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Web page: http://www.lameta.univ-montp1.fr/
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