Axioms and Anomalies with Finite Data

Publication information:

Lim, C. & Strzalecki, T. Axioms and Anomalies with Finite Data. (2026).

Abstract

The classical expected utility (EU) axioms are not sufficient for finite datasets. There are a number of anomalies (violations of EU) where axioms are satisfied. This paper studies axioms that are immune to this problem and definitively delineate between EU and non-EU. We discuss implications for experimental design and explore the automatic generation of anomalies.