The Allais Paradox: In Search of Lost Meaning

A la recherche de la signification perdue du paradoxe d'Allais

Dorian Jullien

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Abstract: In"Le paradoxe d'Allais. Comment lui rendre sa signification perdue?" (Revue économique, 2014/5 - Vol. 64), Philippe Mongin proposes an abusively reassuring image of the rationality of the subjects that participated to MacCrimmon and Larsson's [1979] experiments. We show this by discussing these authors' data for the common consequence effect and the common ratio effect (two of Allais' paradoxes), which Mongin assimilate despite his distinction of the two effects. Two tendencies in the data however support Mongin's conclusion that these experiments are a fructuous source of inspiration for decision theory. We further illustrate this by a brief discussion of the role played by these experiments in the making of rank-dependent expected utility theory and in the interindividual turn in the cognitive psychology of decision.

Keywords: Paradoxe; d'Allais (search for similar items in EconPapers)
Date: 2017-01-01
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Published in Revue Economique, 2017, 68 (4)

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-01304705

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