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Click‘n’Roll: No Evidence of Illusion of Control

Author

Listed:
  • Antonio Filippin

    (University of Milan
    Schaumburg-Lippe-Str. 5-9)

  • Paolo Crosetto

    (Univ. Grenoble-Alpes)

Abstract

Evidence of illusion of control—the fact that people believe to have control over pure chance events—is a recurrent finding in experimental psychology. Results in economics find instead little to no support. In this paper we test whether this dissonant result across disciplines is due to the fact that economists have implemented only one form of illusory control. We identify and separately tests in an incentive-compatible design two types of control: (a) over the resolution of uncertainty, as usually done in the economics literature, and (b) over the choice of the lottery, as sometimes done in the psychology literature but without monetary payoffs. Results show no evidence of illusion of control, neither on choices nor on beliefs about the likelihood of winning.

Suggested Citation

  • Antonio Filippin & Paolo Crosetto, 2016. "Click‘n’Roll: No Evidence of Illusion of Control," De Economist, Springer, vol. 164(3), pages 281-295, September.
    • Handle: RePEc:kap:decono:v:164:y:2016:i:3:d:10.1007_s10645-016-9282-3
    DOI: 10.1007/s10645-016-9282-3
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    1. Paolo Crosetto & Antonio Filippin, 2017. "The Sound of Others: Surprising Evidence of Conformist Behavior," Southern Economic Journal, John Wiley & Sons, vol. 83(4), pages 1038-1051, April.
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    9. King Li, 2011. "Preference towards control in risk taking: Control, no control, or randomize?," Journal of Risk and Uncertainty, Springer, vol. 43(1), pages 39-63, August.
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    Cited by:

    1. Paolo Crosetto & Antonio Filippin, 2017. "The Sound of Others: Surprising Evidence of Conformist Behavior," Southern Economic Journal, John Wiley & Sons, vol. 83(4), pages 1038-1051, April.

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    More about this item

    Keywords

    Illusion of control; Experiment; Risk elicitation;
    All these keywords.

    JEL classification:

    • B49 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Other
    • C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty

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