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Reanalysis of the Chechile-Cooke Experiment: Correcting for Mismatched Gambles

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  • Chechile, Richard A
  • Luce, R Duncan

Abstract

Chechile and Cooke (1997) experimentally tested a broad class of utility models subsumed under the Miyamoto (1988, 1992) generic utility theory. The Chechile and Cooke study required participants to match on each trial, a fully specified reference gamble to a partially specified comparison gamble by adjusting the probability of a win on the comparison gamble. The Chechile and Cooke experiment, however, contained a subset of trials which were intrinsically unmatchable. In such cases, the participants could only give an extreme probability (either 0 or 1). In this paper, those extreme trials were omitted and the results from the experiment reanalyzed. Despite the mismatch problem, the conclusions of the Chechile and Cooke experiment were again supported. For nine implementations of generic utility there is model failure due to the systematic variation of a parameter that should be a constant. Copyright 1999 by Kluwer Academic Publishers

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  • Chechile, Richard A & Luce, R Duncan, 1999. "Reanalysis of the Chechile-Cooke Experiment: Correcting for Mismatched Gambles," Journal of Risk and Uncertainty, Springer, vol. 18(3), pages 321-325, October.
    • Handle: RePEc:kap:jrisku:v:18:y:1999:i:3:p:321-25
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    Citations

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    Cited by:

    1. Stefan Traub & Christian Seidl & Ulrich Schmidt & Peter Grösche, 1999. "Knock-out for descriptive utility or experimental-design error?," Journal of Economics, Springer, vol. 70(2), pages 109-126, June.
    2. Levy, Haim & Levy, Moshe, 2002. "Experimental test of the prospect theory value function: A stochastic dominance approach," Organizational Behavior and Human Decision Processes, Elsevier, vol. 89(2), pages 1058-1081, November.
    3. Sneddon, Robert & Luce, R. Duncan, 2001. "Empirical Comparisons of Bilinear and Nonbilinear Utility Theories," Organizational Behavior and Human Decision Processes, Elsevier, vol. 84(1), pages 71-94, January.

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