Abstract
This project is motivated by extensive research aimed at understanding deviations from Expected Utility (EU) in decision-making under risk. One of the most notable departures is the Common Ratio Paradox, first identified by Allais. We specifically focus on the dual version of the common ratio paradox and some other axioms implied by the von Neumann–Morgenstern independence axiom. Participants will be randomly assigned to different treatment groups, which will vary in terms of probability and lottery composition. The research will utilize a randomized control trial to assess the influence of various probability and outcome conditions as well as the power of information.