Choice Under Uncertainty: Problems Solved and Unsolved¶
Machina. (1987). Choice Under Uncertainty: Problems Solved and Unsolved: Problems Solved and Unsolved. Journal of Economic Perspectives.
Cited by¶
1 citation across 1 artifact.
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Domain-specific¶
- Allais Paradox
- In the first choice, most respondents prefer a certain gain of $1M (Option A) to a lottery offering an 89% chance of $1M, a 10% chance of $5M, and a 1% chance of nothing (Option B)
This sourceMachina's review lays the paradox out in exactly this matched-pair form with $1M/$5M payoffs and the 0.89/0.10/0.01 probabilities, which is the rendering the article uses. Establishes the observed reversal - the same respondents choosing the 10% chance of $5M over the 11% chance of $1M - and the independence-axiom argument that makes the pair a violation.
- In the first choice, most respondents prefer a certain gain of $1M (Option A) to a lottery offering an 89% chance of $1M, a 10% chance of $5M, and a 1% chance of nothing (Option B)
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