Revealing a preference for mixtures: An experimental study of risk Academic Article uri icon


  • 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 an individual's preference to choose mixtures is related to a preference for randomization by comparing choices from a convex choice task to the decisions made in a repeated discrete choice task. We find that a preference to mix is positively correlated with behavior from repeated discrete choice tasks.

published proceedings

  • Quantitative Economics

author list (cited authors)

  • Feldman, P., & Rehbeck, J.

citation count

  • 5

complete list of authors

  • Feldman, Paul||Rehbeck, John

publication date

  • February 2020