The Impact of Experience on Violations of Independence and Coalescing

Konferenzbeitrag

The present paper reports a repeated experiment on decision making under risk where subjects have to tackle the same choice problems in several rounds. We fit a simple error model and investigate how behavior changes in the course of the experiment. Our analysis complements and extends Hey (2001) who analyzes for each subject the fit of several preference functionals from round to round. Instead, we focus on choice problems allowing for direct tests of independence and coalescing. We show that variability of 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.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: Beiträge zur Jahrestagung des Vereins für Socialpolitik 2014: Evidenzbasierte Wirtschaftspolitik - Session: Risk and Ambiguity II ; No. E06-V3

Klassifikation und Themen

• Klassifikation: Wirtschaft ; Design of Experiments: Laboratory, Individual ; Criteria for Decision-Making under Risk and Uncertainty ; Econometric and Statistical Methods: Other

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Schmidt, Ulrich ; Birnbaum, Michael
• Ereignis: Veröffentlichung
• (wer): ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften, Leibniz-Informationszentrum Wirtschaft
• (wo): Kiel und Hamburg
• (wann): 2014

Weitere Informationen

• Handle: http://hdl.handle.net/10419/100463
• Letzte Aktualisierung: 10.03.2025, 11:45 MEZ