Measuring Deviations from Theories of Choice Under Risk and Uncertainty

We conduct experiments to test and evaluate choice consistency in environments of choice under risk and ambiguity. Subjects are presented with choice problems that are identical to an expected utility agent, and with choice problems that are identical to any agent. Treatments vary the objective lotteries involved in risky choice situations, and introduce partial or full ambiguity.  We find a moderate amount of consistency, and link our findings to tests for deviations from optimization behavior, and the expected utility hypothesis.