Data and Code for: On the Experimental Robustness of the Allais Paradox
Principal Investigator(s): View help for Principal Investigator(s) Pavlo Blavatskyy, Montpellier Business School; Andreas Ortmann, UNSW Business School; Valentyn Panchenko, UNSW Business School
Version: View help for Version V2
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Project Citation:
Blavatskyy, Pavlo , Ortmann, Andreas, and Panchenko, Valentyn . Data and Code for: On the Experimental Robustness of the Allais Paradox. Nashville, TN: American Economic Association [publisher], 2020. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2020-11-06. https://doi.org/10.3886/E119324V2
Project Description
Summary:
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Abstract The Allais Paradox, or the common‐consequence effect, is a well‐known
behavioral regularity in individual decision making under risk. Data from 81 experiments reported in 29 studies reveal that the Allais Paradox is a fragile
empirical finding. The Allais Paradox is likely to be observed in experiments
with high hypothetical payoffs, the medium outcome being close to the highest
outcome and when lotteries are presented as a probability distribution (not in
a compound form). The Allais Paradox is likely to be reversed in experiments
when the probability mass is equally split between the lowest and the highest
outcome in risky lotteries.
Scope of Project
Subject Terms:
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Decision Under Risk;
Experimental Practices;
Allais Paradox;
Common-Consequence Effect;
Expected Utility Theory;
Fanning-out
JEL Classification:
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D01 Microeconomic Behavior: Underlying Principles
D81 Criteria for Decision-Making under Risk and Uncertainty
D01 Microeconomic Behavior: Underlying Principles
D81 Criteria for Decision-Making under Risk and Uncertainty
Time Period(s):
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1986 – 2017
Methodology
Collection Mode(s):
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other
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