Drichoutis, Andreas C.; Rodolfo M. Nayga, Jr.; Lusk, … - Department of Agricultural Economics, Agricultural … - 2009
In this paper, we document a violation of normative and descriptive models of decision making under risk. In contrast to uncertainty effects found by Gneezy, List and Wu (2006), some subjects in our experiments valued certain lotteries more than the best possible outcome. We show that the...