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the distribution from which payoffs in the choice set are drawn. In our first experiment, we find that risk taking is more … frequently. In our second experiment, we manipulate the payoff distribution so that efficient coding induces the decision maker …
Persistent link: https://www.econbiz.de/10012851080
Preferences over risky alternatives can be elicited by different methods, including direct pairwise choices and willingness-to-accept valuations. The results are frequently at odds, casting doubts on the foundations of economics. We develop a stochastic choice model predicting when...
Persistent link: https://www.econbiz.de/10012604712
Persistent link: https://www.econbiz.de/10010191024
We investigate what statistical properties drive risk-taking in a large set of observational panel data on online poker games (n=4,450,585). Each observation refers to a choice between a safe "insurance" option and a binary lottery of winning or losing the game. Our setting offers a real-world...
Persistent link: https://www.econbiz.de/10013263307
In this study I analyze how lottery framing and lottery display type affect the degree of higher-order risk preferences. I explore differences by comparing reduced and compound lottery framing, and by comparing lotteries in an urn-style and in a spinner-style display format. Overall, my findings...
Persistent link: https://www.econbiz.de/10012596286
. Using an experiment with online workers, we find that subjects choose the risky lottery rather than a sure payment …
Persistent link: https://www.econbiz.de/10011994857
The preference reversal phenomenon is one of the most important, long-standing, and widespread anomalies contradicting economic models of decisions under risk. It describes the robust observation of frequent "standard reversals" where long-shot gambles are valued above moderate ones but then the...
Persistent link: https://www.econbiz.de/10012390055
This paper investigates how subjects determine minimum selling prices for lotteries. We design an experiment where …
Persistent link: https://www.econbiz.de/10014206381
show that risk attitude is strongly affected by social contexts: participants in the experiment seem to be relatively risk …
Persistent link: https://www.econbiz.de/10010350221
-order contests with complete information, in which each player's strategy generates direct or indirect affine spillover effects that … economic environments, as well as in classic contests adapted to recent experimental and behavioral models where individuals …&D races, models of ligitation, and a host of other contests. …
Persistent link: https://www.econbiz.de/10011378808