The Allais Paradox, or Common Consequence Effect to be precise, is one of the most well-known behavioral regularities in individual decision making under risk. A common perception in the literature, which motivated the development of numerous generalized non‐expected utility theories, is that...

The common-ratio effect and the Allais paradox are the two best‐known violations of expected utility theory. We reexamine data from 38 experimental articles (127 designs/ parameterizations, 12717 revealed choice patterns) and find that the common-ratio effect is systematically affected by...