Does Repetition Improve Consistency?
John Hey
Chapter 2 in Experiments in Economics:Decision Making and Markets, 2018, pp 13-62 from World Scientific Publishing Co. Pte. Ltd.
Abstract:
Much experimental effort has been expended in attempts to establish the relative superiority of Expected Utility theory and the many recently-developed alternatives as descriptions of the behaviour of subjects in risky choice decision problems. The cumulative evidence shows clearly that there is a great deal of noise in the experimental data, which makes it difficult to identify the ‘best’ description of such behaviour. This paper reports on an experiment which seeks to determine whether such noise is relatively transitory and decays with experience and repetition, and thus whether a clearly ‘best’ theory emerges as a result of such repetition. We find that for some subjects this does indeed appear to be the case, while for other subjects the noise remains high and the identification of the underlying preference function remains difficult.
Keywords: Experimental Economics; Risk; Ambiguity; Markets; Auctions; Bargaining; Econometrics; Methodology (search for similar items in EconPapers)
JEL-codes: C90 (search for similar items in EconPapers)
Date: 2018
References: Add references at CitEc
Citations:
Downloads: (external link)
https://www.worldscientific.com/doi/pdf/10.1142/9789813235816_0002 (application/pdf)
https://www.worldscientific.com/doi/abs/10.1142/9789813235816_0002 (text/html)
Ebook Access is available upon purchase.
Related works:
Journal Article: Does Repetition Improve Consistency? (2001) 
Working Paper: Does Repetition Improve Consistency? 
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
HTML/Text
Persistent link: https://EconPapers.repec.org/RePEc:wsi:wschap:9789813235816_0002
Ordering information: This item can be ordered from
Access Statistics for this chapter
More chapters in World Scientific Book Chapters from World Scientific Publishing Co. Pte. Ltd.
Bibliographic data for series maintained by Tai Tone Lim ().