Experimental Evidence for Attractions to Chance
AbstractDivide the decision-maker's future into: (i) a pre-outcome period (lasting from the decision until the outcome of that decision is known), and (ii) a sequel post-outcome period (beginning when the outcome becomes known). Anticipated emotions in both periods may influence the decision, in particular, with regard to an outcome that matters to the person, the enjoyable tension from not yet knowing what this outcome will be. In the experiments presented, lottery choice can be explained by this attraction to chance, and cannot be explained by either convex von Neumann-Morgenstern utility, or by rank-dependent risk-loving weights: attraction to chance is a separate motivator. Copyright Verein fü Socialpolitik and Blackwell Publishers Ltd 2000.
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Bibliographic InfoArticle provided by Verein für Socialpolitik in its journal German Economic Review.
Volume (Year): 1 (2000)
Issue (Month): 2 (05)
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Other versions of this item:
- Wulf Albers & Robin Pope & Reinhard Selten & Bodo Vogt, 1999. "Experimental Evidence for Attractions to Chance," Working Papers 317, Bielefeld University, Center for Mathematical Economics.
- Wulf Albers & Robin Pope & Reinhard Selten & Bodo Vogt, 1999. "Experimental Evidence for Attractions to Chance," Discussion Paper Serie B 461, University of Bonn, Germany.
- D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
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