The Allais critique of expected utility theory (EUT) has led to the development of theories of choice under risk that … labora-tory experiments designed to test independence, our experiment systematically tests the entire set of axioms …

of rational decision theory. The objective is to infer the risk aversion levels of decision-makers from their choice to …The theoretical literature on risk aversion and Expected Utility Theory is extensive; however, the analysis of this … gender in decision-making. The Wheel game has straightforward rules and huge expected payoffs. All contestants have access to …

Expected utility theory (EUT) is currently the standard framework which formally defines rational decision-making under … behaviour under utility theory is incompatible with scarcity of resources, making behaviour consistent with EUT irrational and …