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Axiomatization of a Preference for Most Probable Winner

Blavatskyy, Pavlo R. - Institut für Volkswirtschaftslehre, …

In binary choice between discrete outcome lotteries, an individual may prefer lottery L1 to lottery L2 when the probability that L1 delivers a better outcome than L2 is higher than the probability that L2 delivers a better outcome than L1. Such a preference can be rationalized by three standard...

Persistent link: https://www.econbiz.de/10005585645

Axiomatization of a Preference for Most Probably Winner

Blavatskyy, Pavlo - Center for Economic Research and Graduate Education and … - 2004

dominance) and two less standard ones (weak independence and a fanning-in). A preference for the most probable winner can be …

Persistent link: https://www.econbiz.de/10005146554

The reverse Allais paradox

Blavatskyy, Pavlo R. - In: Economics Letters 119 (2013) 1, pp. 60-64

The results of a new experiment show that the Allais paradox (or, more generally, the common consequence effect) gets …

Persistent link: https://www.econbiz.de/10010662392

Paradoxes and mechanisms for choice under risk

Cox, James C.; Sadiraj, Vjollca; Schmidt, Ulrich - 2011

hypothesis or the independence axiom. We report two experiments with 710 subjects. Experiment 1 provides the first simple test of … the isolation hypothesis. Experiment 2 is a crossed design with six payoff mechanisms and five lottery pairs that can … elicit four paradoxes for the independence axiom and dual independence axiom. The crossed design discriminates between: (a …

Persistent link: https://www.econbiz.de/10010285720

Paradoxes and Mechanisms for Choice under Risk

Cox, James C.; Sadiraj, Vjollca; Schmidt, Ulrich - Institut für Weltwirtschaft (IfW) - 2011

Persistent link: https://www.econbiz.de/10009144796

A Dynamic Ellsberg Urn Experiment

Dominiak, Adam; Dürsch, Peter; Lefort, Jean-Philippe - Alfred-Weber-Institut für Sozial- und … - 2009

experiment and nd that subjectsact more often in line with consequentialism than with dynamic consistency.[...] …

Persistent link: https://www.econbiz.de/10009249016

Ellsberg meets Keynes at an urn

Chew, Soo-Hong; Miao, Bin; Zhong, Songfa - In: Quantitative economics : QE ; journal of the … 14 (2023) 3, pp. 1133-1162

Keynes (1921) and Ellsberg (1961) have articulated an aversion toward betting on an urn containing balls of two colors of unknown proportion to one with a 50-50 composition. Keynes views this as reflecting different preferences for bets arising from different sources of uncertainty. Ellsberg...

Persistent link: https://www.econbiz.de/10014362573

On the benefits of robo-advice in financial markets

Lambrecht, Marco; Oechssler, Joerg; Weidenholzer, Simon - 2023

on individual characteristics like risk attitudes. In a portfolio choice experiment running over 10 weeks, we study how …

Persistent link: https://www.econbiz.de/10014380288

The individual and joint performance of economic preferences, personality, and self-control in predicting criminal behavior

Friehe, Tim; Schildberg-Hörisch, Hannah - 2014

We explore the individual and joint explanatory power of concepts from economics, psychology, and criminology for criminal behavior. More precisely, we consider risk and time preferences, personality traits from psychology (Big Five and locus of control), and a self-control scale from...

Persistent link: https://www.econbiz.de/10010235856

An experimental test of a search model under ambiguity

Asano, Takao; Okudaira, Hiroko; Sasaki, Masaru - 2014

This paper's objective is to design a laboratory experiment to explore the effect of ambiguity on a subject's search …

Persistent link: https://www.econbiz.de/10010239264