in this domain. In contrast, the average participant in our experiment is strikingly close to Bayesian in her belief …

asymmetric updating in this domain. In contrast, in our experiment, belief updating is close to the Bayesian benchmark on average …

asymmetric updating in this domain. In contrast, in our experiment, belief updating is close to the Bayesian benchmark on average …

asymmetric updating in this domain. In contrast, in our experiment, belief updating is close to the Bayesian benchmark on average …

We design and implement a novel experimental test of subjective expected utility theory and its generalizations. Our … function, but not with subjective utility theory. The theory is tested by gauging how subjects respond to price changes. A … majority of subjects respond to price changes in the direction predicted by the theory, but not to a degree that makes them …

deviation (in beliefs, utility, or perceived prices) is within e of expected utility theory. The number e can then be used as a … distance to the theory. We apply our methodology to three recent large-scale experiments. Many subjects in those experiments …