Testing New Theories of Choice under Uncertainty using the Common Consequence Effect

S-Tier
Journal: Review of Economic Studies
Year: 1992
Volume: 59
Issue: 4
Pages: 813-830

Score contribution per author:

8.043 = (α=2.01 / 1 authors) × 4.0x S-tier

α: calibrated so average coauthorship-adjusted count equals average raw count

Abstract

A generalised common consequence problem is used to contrast the predictions of expected utility theory and several new theories of choice under uncertainty. An experiment designed to test these predictions is reported. Systematic violations of expected utility theory are detected but although a consistent pattern emerges from the data, it offers little support for any of the new theories. The analysis is extended to test predictions which are unique to regret theory and significant regret effects are detected.

Technical Details

RePEc Handle
repec:oup:restud:v:59:y:1992:i:4:p:813-830.
Journal Field
General
Author Count
1
Added to Database
2026-01-29