Does the Allais paradox survive with non-monetary consequences?
通过实验室实验比较金钱与消费品决策中的共同比率效应,发现该效应在金钱下很强,但在消费品下基本消失,提醒不要将金钱彩票实验结论简单推广到其他结果类型。
The form of the Allais paradox known as the common ratio effect (CRE) is a violation of deterministic expected utility theory that has been widely replicated with monetary outcomes. Its robustness has stimulated the development of numerous alternative models of risky choice. However, much less is known about the prevalence of the CRE in decisions involving non-monetary outcomes. We conduct a controlled laboratory comparison of the CRE for money versus consumer goods. The CRE is very strong with money, but largely disappears for goods, primarily as a result of differences in risk attitudes between goods and money. We caution against assuming that findings from experiments involving monetary lotteries will reliably generalise to other types of consequences.