The relevance of irrelevant alternatives

In an experimental setting, subjects face a standard elicitation task for certainty equivalents. We show that when a third, objectively irrelevant, option is added to the standard task, the willingness to take risks increases.

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Year of publication:	2012
Authors:	Kroll, Eike Benjamin ; Vogt, Bodo
Published in:	Economics Letters. - Elsevier, ISSN 0165-1765. - Vol. 115.2012, 3, p. 435-437
Publisher:	Elsevier
Subject:	Decision under risk \| Expected utility theory \| Irrelevant alternative \| Lottery choice

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Type of publication:	Article
Classification:	C9 - Design of Experiments ; D80 - Information and Uncertainty. General
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10010572168