Axioms and Anomalies with Finite Data

Cheaheon Lim and Tomasz Strzalecki

Papers from arXiv.org

Abstract: The classical expected utility (EU) axioms are not sufficient for finite datasets. There are a number of anomalies (violations of EU) where axioms are satisfied. This paper studies axioms that are immune to this problem and definitively delineate between EU and non-EU. We discuss implications for experimental design and explore the automatic generation of anomalies.

Date: 2026-06
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