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Data and Code for: On the Experimental Robustness of the Allais Paradox

Version
2
Resource Type
Dataset
Creator
  • Blavatskyy, Pavlo (Montpellier Business School)
  • Ortmann, Andreas (UNSW Business School)
  • Panchenko, Valentyn (UNSW Business School)
Publication Date
2020-11-06
Free Keywords
Decision Under Risk; Experimental Practices; Allais Paradox; Common-Consequence Effect; Expected Utility Theory; Fanning-out
Description
  • Abstract

    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.
Temporal Coverage
  • 1986-01-01 / 2017-12-31
    Time Period: Wed Jan 01 00:00:00 EST 1986--Sun Dec 31 00:00:00 EST 2017
Collection Mode
  • other;

Availability
Download
This study is freely available to the general public via web download.
Relations
  • Is version of
    DOI: 10.3886/E119324
Publications
  • Blavatskyy, Pavlo, Andreas Ortmann, and Valentyn Panchenko. “On the Experimental Robustness of the Allais Paradox.” American Economic Journal: Microeconomics, n.d. https://doi.org/10.1257/mic.20190153.
    • ID: 10.1257/mic.20190153 (DOI)

Update Metadata: 2020-11-07 | Issue Number: 1 | Registration Date: 2020-11-07

Blavatskyy, Pavlo; Ortmann, Andreas; Panchenko, Valentyn (2020): Data and Code for: On the Experimental Robustness of the Allais Paradox. Version: 2. ICPSR - Interuniversity Consortium for Political and Social Research. Dataset. https://doi.org/10.3886/E119324V2