Microtheory: Ever since allais
Published: 20 December 2021
11 January. Dr Matthew Polisson, University of Bristol
Dr Matthew Polisson, University of Bristol
'Ever Since Allais' (co-authored by A. Dembo, S. Kariv & J. Quah)
Tuesday 11 January, 1pm - 2.15pm
Zoom online seminar
Abstract
The Allais critique of expected utility theory (EUT) has led to the development of theories of choice under risk that relax the independence axiom, but which adhere to the conventional axioms of ordering and monotonicity. Unlike many existing laboratory experiments designed to test independence, our experiment systematically tests the entire set of axioms, providing much richer evidence against which EUT can be judged. Our within-subjects analysis is nonparametric, using only information about revealed preference relations in the individual-level data. For most subjects we find that departures from independence are statistically significant but minor relative to departures from ordering and/or monotonicity.
Biography
Dr Matthew Polisson is currently Senior Lecturer in Economics at the University of Bristol. Previously a Lecturer in Economics at the University of St Andrews and University of Leicester, Dr Polisson received his DPhil in Economics from the University of Oxford in 2009, his MPhil in Economic and Social History from the University of Oxford in 2005 and his AB in Economics from Harvard University in 2002.
Further information: business-events@glasgow.ac.uk
First published: 20 December 2021
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