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Explaining the Favorite-Longshot Bias : Is it Risk-Love or Misperceptions?
Snowberg, Erik - 2010
The favorite-longshot bias describes the longstanding empirical regularity that betting odds provide biased estimates of the probability of a horse winning--longshots are overbet, while favorites are underbet. Neoclassical explanations of this phenomenon focus on rational gamblers who overbet...
Persistent link: https://www.econbiz.de/10013144509
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Cognitive Imprecision and Small-Stakes Risk Aversion
Khaw, Mel - 2018
lotteries, based on other evidence regarding numerical cognition, and test its ability to explain the choice frequencies that we …Observed choices between risky lotteries are difficult to reconcile with expected utility maximization, both because … observe in a laboratory experiment …
Persistent link: https://www.econbiz.de/10012911706
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Is Lottery Gambling Addictive?
Guryan, Jonathan - 2010
We present an empirical test for the addictiveness of lottery gambling. To distinguish state dependence from serial … the zip code, the location of which is random conditional on sales, as an instrument for present consumption and test for … a causal relationship between present and future consumption. This test of addiction is based on the definition of …
Persistent link: https://www.econbiz.de/10012757851
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Do Lottery Payments Induce Savings Behavior : Evidence from the Lab
Filiz-Ozbay, Emel - 2013
This paper presents the results of a laboratory experiment designed to investigate whether the option of a Prize Linked … men, self-reported lottery players, and subjects with low bank account balances. We use the results of our experiment to …
Persistent link: https://www.econbiz.de/10013080409
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Confucianism and Preferences : Evidence from Lab Experiments in Taiwan and China
Liu, Elaine - 2013
This paper investigates how Confucianism affects individual decision making in Taiwan and in China. We found that Chinese subjects in our experiments became less accepting of Confucian values, such that they became significantly more risk loving, less loss averse, and more impatient after being...
Persistent link: https://www.econbiz.de/10013073199
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Intertemporal Choice
Ericson, Keith M. Marzilli - 2018
Intertemporal tradeoffs play a key role in many personal decisions and policy questions. We describe models of intertemporal choice, identify empirical regularities in choice, and pose new questions for research. The focus for intertemporal choice research is no longer whether the exponential...
Persistent link: https://www.econbiz.de/10012906455
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Present-Bias, Procrastination and Deadlines in a Field Experiment
Bisin, Alberto - 2014
We study procrastination in the context of a field experiment involving students who must exert costly effort to …
Persistent link: https://www.econbiz.de/10013059754
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Delay Functions as the Foundation of Time Preference : Testing for Separable Discounted Utility
Ericson, Keith M. Marzilli - 2015
compatible with any 'regular' preference. We provide conditions to test for separable discounted utility (SDU). We elicit …
Persistent link: https://www.econbiz.de/10013024161
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Procrastination and Impatience
Reuben, Ernesto; Zingales, Luigi; Sapienza, Paola - 2021
There is a large body of literature documenting both a preference for immediacy and a tendency to procrastinate. O'Donoghue and Rabin (1999a,b, 2001) and Choi et al. (2005) model these behaviors as the two faces of the same phenomenon. In this paper, we use a combination of lab, field, and...
Persistent link: https://www.econbiz.de/10013222925
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Money Earlier or Later? Simple Heuristics Explain Intertemporal Choices Better than Delay Discounting
Ericson, Keith M. Marzilli - 2015
Heuristic models have been proposed for many domains of choice. We compare heuristic models of intertemporal choice, which can account for many of the known intertemporal choice anomalies, to discounting models. We conduct an out-of-sample, cross-validated comparison of intertemporal choice...
Persistent link: https://www.econbiz.de/10013028066