Are bygones bygones?

@article{Cubitt2012AreBB,
  title={Are bygones bygones?},
  author={Robin Cubitt and M. Ruiz-Martos and Chris Starmer},
  journal={Theory and Decision},
  year={2012},
  volume={73},
  pages={185-202}
}
This article reports an experiment which tests the principle of separability, i.e. that behaviour in a dynamic choice problem is independent of history and of unreachable eventualities. Although this is a well-known principle of orthodox decision theory and central to conventional economic modelling, it has been questioned on grounds suggested by non-expected utility models of choice under risk and by the psychology of affective influences on risk-taking. Our experimental design, which provides… Expand
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