An application of Selten's measure of predictive success

This paper applies Selten's measure of predictive success to the problem of comparing and ranking various theories of decision making under risk. Two experiments were carried out for this application: one a Pairwise Choice experiment involving 15 such choices and the other a Complete Ranking experiment involving 11 risky choices. The results show that there are difficulties of both a practical and a philosophical nature in applying Selten's measure. (C) 1998 Elsevier Science B.V.