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  1.  70
    Probability Learning, Event-Splitting Effects and the Economic Theory of Choice.Steven J. Humphrey - 1999 - Theory and Decision 46 (1):51-78.
    This paper reports an experiment which investigates a possible cognitive antecedent of event-splitting effects (ESEs) experimentally observed by Starmer and Sugden (1993) and Humphrey (1995) – the learning of absolute frequency of event category impacting on the learning of probability of event category – and reveals some evidence that it is responsible for observed ESEs. It is also suggested and empirically substantiated that stripped-down prospect theory will accurately predict ESEs in some decision making tasks, but will not perform well in (...)
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  2.  72
    An Experimental Test of Generalized Ambiguity Aversion Using Lottery Pricing Tasks.Michael Bleaney & Steven J. Humphrey - 2006 - Theory and Decision 60 (2-3):257-282.
    We report the results of an experiment which investigates the impact of the manner in which likelihood information is presented to decision-makers on valuations assigned to lotteries. We find that subjects who observe representative sequences of outcomes attach higher valuations to lotteries than those who are given only a verbal description of a probability distribution. We interpret this in terms of a reduction in ambiguity about the possible lottery outcomes. These findings suggest that ambiguity aversion may be a confounding factor (...)
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  3.  27
    Does Learning Diminish Violations of Independence, Coalescing and Monotonicity?Steven J. Humphrey - 2006 - Theory and Decision 61 (2):93-128.
    Violations of expected utility theory are sometimes attributed to imprecise preferences interacting with a lack of learning opportunity in the experimental laboratory. This paper reports an experimental test of whether a learning opportunity which engenders accurate probability assessments, by enhancing understanding of the meaning of stated probability information, causes anomalous behaviour to diminish. The data show that whilst in some cases expected utility maximising behaviour increases with the learning opportunity, so too do systematic violations. Therefore, there should be no presumption (...)
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