Using a revealed preference approach, we conduct an experiment where subjects make choices from linear convex budgets in the domain of risk. We find that many individuals prefer mixtures of lotteries in ways that systematically rule out expected utility behavior. We explore the extent to which...

This laboratory experiment examines whether individuals follow Nash equilibrium predictions in the two-player one-shot complete information entry game of Bresnahan and Reiss (1990) while varying payoff parameters. This entry game is regularly used in empirical industrial organization, but has...

Experiments on revealed preference often use budget sets that are randomly and independently drawn according to some criteria for each participant. However, this means that the budget sets faced by different individuals are not the same. This paper proposes a method to control for these...

Using a revealed preference approach, we conduct an experiment where subjects make choices from linear convex budgets in the domain of risk. We find that many individuals prefer mixtures of lotteries in ways that systematically rule out expected utility behavior. We explore the extent to which...

This paper studies which models of risk preference can best describe individual choices. We perform model selection using cross validation techniques that are common in machine learning. We compare the models of expected utility, disappointment aversion, rank dependent utility, stochastic...