Ever since Allais

• 成果类型: Article
• 署名作者: Dembo, Aluma; Kariv, Shachar; Polisson, Matthew; Quah, John K. -H.
• 署名单位: Reichman University; University of California System; University of California Berkeley; University of Leicester; National University of Singapore
• 刊物名称: JOURNAL OF POLITICAL ECONOMY
• ISSN/ISSBN: 0022-3808
• DOI: 10.1086/739829
• 发表日期: 2026
• 关键词: expected utility; decision-making; rational choice; prospect-theory; risk-aversion; preferences; uncertainty; Consistency; BEHAVIOR; regret

摘要

The Allais critique of expected utility theory (EUT) has led to the development of theories of choice under risk that relax the independence axiom but adhere to the fundamental/conventional axioms of ordering (completeness and transitivity) and monotonicity (with respect to first-order stochastic dominance). Unlike experimental work designed to test independence, our experiment is comprehensive, testing the entire set of axioms on which EUT is based. Our econometric analysis is also nonparametric and performed at the level of each individual subject. For the vast majority of subjects, departures from independence are small relative to departures from ordering and/or monotonicity.