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Trial Title
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What drives violations of the independence axiom? An experimental analysis on the role of decision confidence.
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What drives violations of the independence axiom?
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Abstract
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A vast experimental literature has documented violations of the independence axiom in choices under risk.
Several alternative theoretical decision models have been proposed to rationalize this robust evidence. One way to evaluate these models is to study their foundation in the psychology of decision-making. This paper proposes a laboratory experiment to investigate whether individuals violate the independence axiom when not confident about their preferences. Moreover, we study whether the descriptive power of the independence axiom increases when only nondegenerate lotteries over common outcomes are involved, as suggested by the literature. Finally, we explore the relationship among violations of the independence axiom, decision confidence, and risk aversion.
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After
A vast experimental literature has documented violations of the independence axiom in choices under risk. Several alternative theoretical decision models have been proposed to rationalize this robust evidence. One way to evaluate these models is to study their foundation in the psychology of decision-making. This paper proposes a laboratory experiment to investigate whether individuals violate the independence axiom when not confident about their preferences. Moreover, we study whether the descriptive power of the independence axiom increases when only nondegenerate lotteries over common outcomes are involved, as suggested by the literature. Finally, we explore the relationship among violations of the independence axiom, decision confidence, and risk aversion.
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Trial Start Date
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December 01, 2021
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February 22, 2022
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Trial End Date
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December 31, 2021
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March 08, 2022
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Last Published
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November 28, 2021 06:16 PM
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February 21, 2022 01:35 AM
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Intervention Start Date
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December 01, 2021
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February 22, 2022
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Intervention End Date
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December 31, 2021
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March 08, 2022
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Experimental Design (Public)
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Before
Subjects in the experiment answer questions about a variety of pairwise comparisons between lotteries over three possible prizes: $1, $10, and $20.
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After
Subjects in the experiment answer questions about a variety of pairwise comparisons between lotteries over three possible prizes: $1, $7, and $20. We refer to the Analysis document for a detailed description of the experimental design.
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