The Troika paradox

  • Blavatskyy P
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Abstract

In three binary choice problems, people reveal a choice pattern which falsifies expected utility theory and many generalized non-expected utility theories. This new paradox challenges popular non-expected utility models analogously to how the Allais paradox challenged neoclassical expected utility theory. © 2011 Elsevier B.V.

Author-supplied keywords

  • Expected utility
  • Non-expected utility
  • Preference reversal
  • Risk
  • Risk aversion

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Authors

  • Pavlo R. Blavatskyy

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