The Role of Markets in Reducing Expected Utility Violations
实证检验市场能否改善预期效用理论的预测表现，发现市场确实提升预测准确性，但改进可能源于市场价格选择规则的统计作用。
Market theories assume that expected utility predicts preferences at the market level even as evidence mounts that it predicts poorly at the individual level. The arguments for better-performing markets are grounded in the assumption that individuals respond to the competition of the market. The objective of this study is to test empirically the validity of those assumptions using the betweenness property of expected utility. The author concludes that expected utility does indeed predict better in markets but analyses suggest that improved performance may be due to the statistical role played by markets introduced by market price selection rules. Copyright 1997 by the University of Chicago.