Is the Allais paradox due to appeal of certainty or aversion to zero?
研究提出阿莱悖论中预期效用违背的新解释：人们普遍厌恶得到零，即零效应，实验支持该效应，而确定性效应证据微弱。
Abstract We provide a novel but intuitive explanation for expected utility violations found in the Allais paradox: individuals are commonly averse to receiving nothing. We call this phenomenon the zero effect. Our laboratory experiments show support for the zero effect. By contrast, the evidence for the certainty effect is weak to nonexistent.