A Meta Analysis of the Empirical Evidence on Expected Utility Theory

European Journal of Economics, Finance, and Administrative Sciences, Vol.15, pp. 117-133, 2009

17 Pages Posted: 4 Jan 2011

See all articles by Muhammad Zafar Yaqub

Muhammad Zafar Yaqub

University of Vienna - Institute of Business Administration

Gökhan Saz

University of Vienna - Institute of Business Administration

Dildar Hussain

University of Vienna - Institute of Business Administration

Date Written: 2009

Abstract

The authors have conducted an exhaustive literature survey of the experimental studies on Expected-utility Theory (EUT) in order to account for the violations of its axiomatic foundations. Beyond identifying and classifying the (behavioral) bias phenomena according to the axiom(s)-violated, the possible background conditionals for such violations are reported in this paper.

Keywords: EU Theory, EU axioms, Behavioral biases, Preference reversal

Suggested Citation

Yaqub, Muhammad Zafar and Saz, Gökhan and Hussain, Dildar, A Meta Analysis of the Empirical Evidence on Expected Utility Theory (2009). European Journal of Economics, Finance, and Administrative Sciences, Vol.15, pp. 117-133, 2009, Available at SSRN: https://ssrn.com/abstract=1733016

Muhammad Zafar Yaqub (Contact Author)

University of Vienna - Institute of Business Administration ( email )

Bruenner Strasse 72
Vienna, A1210
Austria

Gökhan Saz

University of Vienna - Institute of Business Administration ( email )

Bruenner Strasse 72
Vienna, A1210
Austria

Dildar Hussain

University of Vienna - Institute of Business Administration ( email )

Bruenner Strasse 72
Vienna, A1210
Austria

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