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Experimental Evidence for Attractions to Chance

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  • Wulf Albers
  • Robin Pope
  • Reinhard Selten
  • Bodo Vogt

Abstract

Divide 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 Info

Article provided by Verein für Socialpolitik in its journal German Economic Review.

Volume (Year): 1 (2000)
Issue (Month): 2 (05)
Pages: 113-130

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Handle: RePEc:bla:germec:v:1:y:2000:i:2:p:113-130

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References

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  1. Tversky, Amos & Kahneman, Daniel, 1992. " Advances in Prospect Theory: Cumulative Representation of Uncertainty," Journal of Risk and Uncertainty, Springer, vol. 5(4), pages 297-323, October.
  2. Quiggin, John, 1982. "A theory of anticipated utility," Journal of Economic Behavior & Organization, Elsevier, vol. 3(4), pages 323-343, December.
  3. Pope, Robin, 1999. "Reconciliation with the Utility of Chance by Elaborated Outcomes Destroys the Axiomatic Basis of Expected Utility Theory," Discussion Paper Serie B 449, University of Bonn, Germany.
  4. Robin Cubitt & Chris Starmer & Robert Sugden, 1998. "On the Validity of the Random Lottery Incentive System," Experimental Economics, Springer, vol. 1(2), pages 115-131, September.
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Cited by:
  1. Pope, Robin, 2004. "Biases from omitted risk effects in standard gamble utilities," Journal of Health Economics, Elsevier, vol. 23(4), pages 695-735, July.
  2. Heldmann, Marcus & Vogt, Bodo & Heinze, Hans-Jochen & Münte, Thomas, 2009. "Different methods to define utility functions yield different results and engage different neural processes," FEMM Working Papers 09014, Otto-von-Guericke University Magdeburg, Faculty of Economics and Management.
  3. Ronald Bosman & Frans van Winden, 2001. "Anticipated and Experienced Emotions in an Investment Experiment," Tinbergen Institute Discussion Papers 01-058/1, Tinbergen Institute.
  4. Pierpaolo Battigalli & Martin Dufwenberg, 2005. "Dynamic Psychological Games," Working Papers 287, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
  5. Kjell Hausken, 2007. "Book Review," Theory and Decision, Springer, vol. 62(3), pages 303-309, May.
  6. Heufer, Jan, 2013. "Quasiconcave preferences on the probability simplex: A nonparametric analysis," Mathematical Social Sciences, Elsevier, vol. 65(1), pages 21-30.
  7. Urs Fischbacher & Christian Thöni, . "Excess Entry in an Experimental Winner-Take-All Market," IEW - Working Papers 086, Institute for Empirical Research in Economics - University of Zurich.
  8. Daniela Grieco & Robin Hogarth, 2004. "Excess entry, ambiguity seeking and competence: An experimental investigation," Economics Working Papers 778, Department of Economics and Business, Universitat Pompeu Fabra.
  9. Pablo Brañas-Garza, 2006. "Why gender based game theory?," ThE Papers 06/08, Department of Economic Theory and Economic History of the University of Granada..

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