A Meta Analysis of the Empirical Evidence on Expected Utility Theory
European Journal of Economics, Finance, and Administrative Sciences, Vol.15, pp. 117-133, 2009
17 Pages Posted: 4 Jan 2011
Date Written: 2009
The authors have conducted an exhaustive literature survey of the experimental studies on Expected-utility Theory (EUT) in order to account for the violations of its axiomatic foundations. Beyond identifying and classifying the (behavioral) bias phenomena according to the axiom(s)-violated, the possible background conditionals for such violations are reported in this paper.
Keywords: EU Theory, EU axioms, Behavioral biases, Preference reversal
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