Sharma, Tridib and Vadovic, Radovan (2010): Axiom of Monotonicity: An Experimental Test.
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Abstract
The Axiom of Monotonicity (AM) is a necessary condition for a number of expected utility representations, including those obtained by de Finetti (1930), von Neumann and Morgenstern (1944), Savage (1954), and Anscombe and Auman (1963). The paper reports on experiments that directly test AM by eliminating strategic uncertainty, context, and peer effects. In one treatment, the state space is simple to formulate. Here we do not observe violations of AM. When the state space is a bit more obscure, we find significant violations of AM.
Item Type:  MPRA Paper 

Original Title:  Axiom of Monotonicity: An Experimental Test 
Language:  English 
Keywords:  monotonicity, dominance, disjunction effect, sure thing principle 
Subjects:  D  Microeconomics > D8  Information, Knowledge, and Uncertainty > D81  Criteria for DecisionMaking under Risk and Uncertainty C  Mathematical and Quantitative Methods > C9  Design of Experiments > C91  Laboratory, Individual Behavior C  Mathematical and Quantitative Methods > C7  Game Theory and Bargaining Theory > C72  Noncooperative Games 
Item ID:  33178 
Depositing User:  Radovan Vadovic 
Date Deposited:  05. Sep 2011 17:39 
Last Modified:  13. May 2015 21:49 
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URI:  http://mpra.ub.unimuenchen.de/id/eprint/33178 
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Axiom of Monotonicity: An Experimental Test. (deposited 25. May 2010 01:05)
 Axiom of Monotonicity: An Experimental Test. (deposited 05. Sep 2011 17:39) [Currently Displayed]