From expected utility theory to prospect theory: tracking down the experimental path after forty years

The article is an experimental study testing the expected utility theory axioms. Three of the experiments are a repetition of a previous test, while the other two are original. The repeated experiments were performed in slightly changed circumstances. The participants were incentivised with rewards, which did not happen in the tree replicated tests. The results confirmed degeneration of the expected utility theory as a scientific research program. The evidence that emerged from the tests supported the hypothesis on the cumulative prospect theory predicting facts not forecasted by the EUT.