The Impact of Learning by Thought on Violations of Independence and Coalescing

Birnbaum, Michael H. and Schmidt, Ulrich (2015) The Impact of Learning by Thought on Violations of Independence and Coalescing Decision Analysis, 12 (3). pp. 144-152.

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Abstract

This paper reports results from a repeated experiment on decision making under risk where subjects must address the same choice problems in several rounds. We investigate how behavior changes in the course of the experiment. The design focuses on choice problems allowing for direct tests of independence and coalescing. We show that inconsistencies in responses as well as violations of independence and coalescing decrease from earlier to later rounds. Our results provide evidence in favor of expected utility in conjunction with the discovered preference hypothesis.

Document Type: Article
Additional Information: Times Cited: 0
Research affiliation: Kiel University
OceanRep > The Future Ocean - Cluster of Excellence
Refereed: Yes
ISSN: 1545-8490
Projects: Future Ocean
Date Deposited: 20 Oct 2016 11:02
Last Modified: 01 Mar 2018 10:43
URI: http://eprints.uni-kiel.de/id/eprint/32415

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