Centro de Investigación Económica, ITAM, Mexico and
Visiting Faculty, ISI, Delhi
The Axiom of Monotonicity (AM) is a necessary condition for a number of
expected utility representations, including those obtained by de Finetti
(1930), von Neumann and Morgenstern (1944) and Savage (1954). The paper
reports on experiments that directly test AM by eliminating strategic
uncertainty, context, and peer effects. In this sterile and simple
environment we do not observe AM violations under uncertainty but we do
observe violations under ambiguity.
Date: February 24, 2011
Time: 03:00 P.M.
New Seminar Room [First Floor],
Department of Economics,
Delhi School of Economics,
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