Prelec, Drazen - In: Journal of Risk and Uncertainty 3 (1990) 3, pp. 247-59
This article describes a modification of the Allais paradox that induces preferences inconsistent with two conditions weaker than the independence axiom, namely quasi-convexity (a special case of which is the betweenness axiom), and Hypothesis II of Machina (also called fanning-out). These...