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. Using an experiment with online workers, we find that subjects choose the risky lottery rather than a sure payment …
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rarely. This inconsistency casts severe doubts on commonly-used preference elicitation methods. Strikingly, alternative …
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Individuals exhibit a randomization preference if they prefer random mixtures of two bets to each of the involved bets. Such preferences provide the foundation of various models of uncertainty aversion. However, it has to our knowledge not been empirically investigated whether uncertainty-averse...
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