Sharma, Tridib; Vadovic, Radovan - Centro de Investigación Económica (CIE), Departamento … - 2010
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...