dc.contributor.author |
Nicholls, Nicky
|
|
dc.contributor.author |
Romm, Aylit Tina
|
|
dc.contributor.author |
Zimper, Alexander
|
|
dc.date.accessioned |
2016-07-11T06:14:11Z |
|
dc.date.available |
2016-07-11T06:14:11Z |
|
dc.date.issued |
2015-02 |
|
dc.description.abstract |
This paper experimentally tests whether violations of Savage s (1954) sure-
thing principle (STP) decrease through statistical learning. Our subjects repeat-
edly had to bet on the drawings from an urn with an unknown proportion of
di¤erently colored balls. The control group was thereby subjected to learning
through mere thought only. In addition, the test group received more and more
statistical information over the course of the experiment by observing the color
of the ball actually drawn after each bet. We expected that statistical learning
would decrease the decision makers ambiguity, thereby implying a stronger de-
crease of STP violations in the test than in the control group. However, our data
surprisingly shows that learning by mere thought rather than statistical learning
leads to a decrease in STP violations. |
en_ZA |
dc.description.department |
Economics |
en_ZA |
dc.description.librarian |
hb2016 |
en_ZA |
dc.description.sponsorship |
Aylit and Nicky gratefully acknowledge nancial funding of the experiment by the School of Economics and Business Sciences
at Wits. We all gratefully acknowledge nancial support from Economic Research Southern Africa (ERSA). |
en_ZA |
dc.description.uri |
http://link.springer.com/journal/11166 |
en_ZA |
dc.identifier.citation |
Nicholls, N, Tina, A & Zimper, A 2015, 'The impact of statistical learning on violations of the sure-thing principle', Journal of Risk and Uncertainty, vol. 50, no. 2, pp. 97-115 |
en_ZA |
dc.identifier.issn |
0895-5646 (print) |
|
dc.identifier.issn |
1573-0476 (online) |
|
dc.identifier.other |
10.1007/s11166-015-9210-y |
|
dc.identifier.uri |
http://hdl.handle.net/2263/54635 |
|
dc.language.iso |
en |
en_ZA |
dc.publisher |
Springer |
en_ZA |
dc.rights |
© Springer Science+Business Media New York 2015. The original publication is available at : http://link.springer.com/journal/11166. |
en_ZA |
dc.subject |
Learning |
en_ZA |
dc.subject |
Statistical learning |
en_ZA |
dc.subject |
Prospect theory |
en_ZA |
dc.subject |
Independence axiom |
en_ZA |
dc.subject |
Sure-thing principle (STP) |
en_ZA |
dc.title |
The impact of statistical learning on violations of the sure-thing principle |
en_ZA |
dc.type |
Postprint Article |
en_ZA |