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Cubitt, Robin P. (Robin Patrick), Ruiz-Martos, Maria and Starmer, Chris (2010) Are bygones bygones? Theory and Decision, Volume 73 (Number 2). pp. 185-202. doi:10.1007/s11238-010-9233-4 ISSN 0040-5833.
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Official URL: http://dx.doi.org/10.1007/s11238-010-9233-4
Abstract
This article reports an experiment which tests the principle of separability, i.e. that behaviour in a dynamic choice problem is independent of history and of unreachable eventualities. Although this is a well-known principle of orthodox decision theory and central to conventional economic modelling, it has been questioned on grounds suggested by non-expected utility models of choice under risk and by the psychology of affective influences on risk-taking. Our experimental design, which provides between-subjects tests of separability using three treatments in which the history preceding a decision is manipulated, is inspired by these concerns. We expose separability to a clean and harsh test, but find no evidence that it is violated.
Item Type: | Journal Article | ||||
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Subjects: | H Social Sciences > HD Industries. Land use. Labor > HD28 Management. Industrial Management Q Science > QA Mathematics |
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Divisions: | Faculty of Social Sciences > Economics | ||||
Library of Congress Subject Headings (LCSH): | Decision making -- Mathematical models, Statistical decision | ||||
Journal or Publication Title: | Theory and Decision | ||||
Publisher: | Springer Netherlands | ||||
ISSN: | 0040-5833 | ||||
Official Date: | 2010 | ||||
Dates: |
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Volume: | Volume 73 | ||||
Number: | Number 2 | ||||
Page Range: | pp. 185-202 | ||||
DOI: | 10.1007/s11238-010-9233-4 | ||||
Status: | Peer Reviewed | ||||
Publication Status: | Published |
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