Is the Allais paradox robust to a seemingly trivial change of frame
暂无分享,去创建一个
Abstract The Allais choices over uncertain prospects are reframed so that lotteries are presented without reference to decimals or fractions, but utilize the mechanism of numbers on a wheel. A statisticallysignificant reduction in violations of the independence axiom is observed.
[1] M. Machina. Choice under Uncertainty: Problems Solved and Unsolved , 1987 .
[2] M. Allais. Le comportement de l'homme rationnel devant le risque : critique des postulats et axiomes de l'ecole americaine , 1953 .
[3] G. Shafer,et al. Expected Utility Hypotheses and the Allais Paradox. , 1982 .
[4] John Conlisk,et al. Three Variants on the Allais Example , 1989 .
[5] A. Tversky,et al. Rational choice and the framing of decisions , 1990 .