2009
DOI: 10.2139/ssrn.1415928
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Walter the Banker: The Conjunction Fallacy Reconsidered

Abstract: In a famous experiment by Tversky and Kahneman (1983), featuring Linda the bank teller, the participants assign a higher probability to a conjunction of propositions than to one of the conjuncts, thereby seemingly committing a probabilistic fallacy. In this paper, we discuss a slightly different example featuring someone named Walter, who also happens to work at a bank, and argue that, in this example, it is rational to assign a higher probability to the conjunction of suitably chosen propositions than to one … Show more

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Cited by 6 publications
(8 citation statements)
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“…Major theoretical interpretations postulate that the conjunction fallacy is unquestionably considered a probabilistic error (e.g., Tversky and Kahneman, 1983 ; Bar-Hillel and Neter, 1993 ; Costello, 2009 ) or linguistic misapprehension (e.g., Wolford et al, 1990 ; Politzer and Noveck, 1991 ; Hertwig et al, 2008 ; Hartmann and Meijs, 2012 ). For instance, Costello (2009) proposed that participants represent the conjunction as an effect of random error in the judgment process.…”
Section: Introductionmentioning
confidence: 99%
“…Major theoretical interpretations postulate that the conjunction fallacy is unquestionably considered a probabilistic error (e.g., Tversky and Kahneman, 1983 ; Bar-Hillel and Neter, 1993 ; Costello, 2009 ) or linguistic misapprehension (e.g., Wolford et al, 1990 ; Politzer and Noveck, 1991 ; Hertwig et al, 2008 ; Hartmann and Meijs, 2012 ). For instance, Costello (2009) proposed that participants represent the conjunction as an effect of random error in the judgment process.…”
Section: Introductionmentioning
confidence: 99%
“…In the sequel, many other experiments were conducted and proposals were made as to how people reason in such cases. What results is an intricate interplay between mathematical modeling and experimentation which does not occur in this form in the natural sciences (Hertwig et al 2008;Hartmann and Meijs 2010).…”
Section: Methodological Issuesmentioning
confidence: 99%
“…The observed effect has become known as the infamous "conjunction fallacy". For a discussion, see Bovens & Hartmann (2003) and Hartmann & Meijs (2012).…”
Section: Empirical Doubtsmentioning
confidence: 99%