The sensitivity of expected utility violations to the experimental design : how context affects risky choice

dc.contributor.advisorChairperson, Graduate Committee: David E. Buschena.en
dc.contributor.authorRoberts, Michael Jamesen
dc.date.accessioned2013-06-25T18:38:48Z
dc.date.available2013-06-25T18:38:48Z
dc.date.issued1994en
dc.description.abstractExpected Utility Theory is tested under different question contexts. It is hypothesized that previously cited independence violations may result from experimental biases rather than a shortcoming of the Theory. An experimental survey presents risky choice questions as lotteries and as "real life" scenarios to test the relative frequency of independence violations under different test conditions. Simple proportion-difference test statistics show that some choice pairs elicit significantly different choices under the scenario contexts. A more sophisticated analysis, using logit regression models, finds that the scenario contexts reduce choice biases caused by the similarity of the alternatives. Choices over scenario-contexts are found to be consistent with Expected Utility Theory. Violations of Expected Utility Theory over lottery contexts are attributed to the similarity of the alternatives.en
dc.identifier.urihttps://scholarworks.montana.edu/handle/1/2142en
dc.language.isoenen
dc.publisherMontana State University - Bozeman, College of Agricultureen
dc.rights.holderCopyright 1994 by Michael James Robertsen
dc.subject.lcshDemand (Economic theory)en
dc.subject.lcshValueen
dc.subject.lcshRisk perceptionen
dc.subject.lcshContext effects (Psychology)en
dc.subject.lcshChoice (Psychology)en
dc.subject.lcshMathematical modelsen
dc.titleThe sensitivity of expected utility violations to the experimental design : how context affects risky choiceen
dc.typeThesisen
mus.relation.departmentAgricultural Economics & Economics.en_US
thesis.catalog.ckey280788en
thesis.degree.committeemembersMembers, Graduate Committee: Daniel Benjamin; Randal R. Ruckeren
thesis.degree.departmentAgricultural Economics & Economics.en
thesis.degree.genreThesisen
thesis.degree.nameMSen
thesis.format.extentfirstpage1en
thesis.format.extentlastpage164en

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