In Arrow's seminal analysis of optimal risk bearing in which he introduced contingent claim securities, he assumed preferences were representable by a state independent Expected Utility function. Although the classic contingent claim setting assumes agents choose over contingent consumption...

This paper presents an experimental study analyzing common consequence effects with binary choice, willingness-to-pay (WTP), and willingness-to-accept (WTA). Consistent with previous research we do not find clearcut evidence of fanning out in the absence of certainty effects. Violation rates of...

Discrete choice experiments (DCEs) allow a number of characteristics to be traded-off against one another. An overriding methodological challenge faced is how best to apply DCEs to questions involving those attributes commonly used in value elicitation exercises such as risk, time (Bansback et...

We show that people manipulate their attitudes towards ambiguity when doing so allows them to behave more self-interestedly. In a "dictator" decision subject chose between a "fair" and an "unfair" choice. By choosing the latter, dictators increase their own allocation by decreasing the...