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Risk Aversion when Gains are Likely and Unlikely: Evidence from a Natural Experiment with Large Stakes

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  • Pavlo Blavatskyy

    ()

  • Ganna Pogrebna

    ()

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    Abstract

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    File URL: http://hdl.handle.net/10.1007/s11238-007-9056-0
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    Bibliographic Info

    Article provided by Springer in its journal Theory and Decision.

    Volume (Year): 64 (2008)
    Issue (Month): 2 (March)
    Pages: 395-420

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    Handle: RePEc:kap:theord:v:64:y:2008:i:2:p:395-420

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    Web page: http://www.springerlink.com/link.asp?id=100341

    Related research

    Keywords: risk attitude; risk aversion; risk seeking; natural experiment; C93; D81;

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    References

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. Carmela Di Mauro & Anna Maffioletti, 2004. "Attitudes to risk and attitudes to uncertainty: experimental evidence," Applied Economics, Taylor & Francis Journals, vol. 36(4), pages 357-372.
    2. Beetsma, Roel & Schotman, Peter C, 1998. "Measuring Risk Attitudes in a Natural Experiment: Data from the Television Game Show LINGO," CEPR Discussion Papers 1893, C.E.P.R. Discussion Papers.
    3. Donkers, Bas & Melenberg, Bertrand & Van Soest, Arthur, 2001. " Estimating Risk Attitudes Using Lotteries: A Large Sample Approach," Journal of Risk and Uncertainty, Springer, vol. 22(2), pages 165-95, March.
    4. Cary Deck & Jungmin Lee & Javier Reyes, 2008. "Risk attitudes in large stake gambles: evidence from a game show," Applied Economics, Taylor & Francis Journals, vol. 40(1), pages 41-52.
    5. Kahneman, Daniel & Tversky, Amos, 1979. "Prospect Theory: An Analysis of Decision under Risk," Econometrica, Econometric Society, vol. 47(2), pages 263-91, March.
    6. Milton Friedman & L. J. Savage, 1948. "The Utility Analysis of Choices Involving Risk," Journal of Political Economy, University of Chicago Press, vol. 56, pages 279.
    7. Nicolas de Roos & Yianis Sarafidis, 2010. "Decision making under risk in Deal or No Deal," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 25(6), pages 987-1027.
    8. Kate Antonovics & Peter Arcidiacono & Randall Walsh, 2005. "Games and Discrimination: Lessons From The Weakest Link," Journal of Human Resources, University of Wisconsin Press, vol. 40(4), pages 918-947.
    9. Metrick, Andrew, 1995. "A Natural Experiment in "Jeopardy!"," American Economic Review, American Economic Association, vol. 85(1), pages 240-53, March.
    10. Thierry Post & Martijn J. van den Assem & Guido Baltussen & Richard H. Thaler, 2008. "Deal or No Deal? Decision Making under Risk in a Large-Payoff Game Show," American Economic Review, American Economic Association, vol. 98(1), pages 38-71, March.
    11. Steven D. Levitt, 2003. "Testing Theories of Discrimination: Evidence from "Weakest Link"," NBER Working Papers 9449, National Bureau of Economic Research, Inc.
    12. Bennett, Randall W. & Hickman, Kent A., 1993. "Rationality and the 'price is right'," Journal of Economic Behavior & Organization, Elsevier, vol. 21(1), pages 99-105, May.
    13. 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.
    14. Williams, Leighton Vaughan & Paton, David, 1997. "Why Is There a Favourite-Longshot Bias in British Racetrack Betting Markets?," Economic Journal, Royal Economic Society, vol. 107(440), pages 150-58, January.
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    Citations

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    Cited by:
    1. Pavlo Blavatskyy & Ganna Pogrebna, 2010. "Endowment effects? “Even” with half a million on the table!," Theory and Decision, Springer, vol. 68(1), pages 173-192, February.
    2. Pavlo R. Blavatskyy & Ganna Pogrebna, 2010. "Models of stochastic choice and decision theories: why both are important for analyzing decisions," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 25(6), pages 963-986.
    3. Hogarth, Robin M. & Karelaia, Natalia & Trujillo, Carlos Andrés, 2012. "When should I quit? Gender differences in exiting competitions," Journal of Economic Behavior & Organization, Elsevier, vol. 83(1), pages 136-150.
    4. Guido Baltussen & G. Post & Martijn Assem & Peter Wakker, 2012. "Random incentive systems in a dynamic choice experiment," Experimental Economics, Springer, vol. 15(3), pages 418-443, September.
    5. Blavatskyy, Pavlo R., 2012. "Utility of a quarter-million," Economics Letters, Elsevier, vol. 117(3), pages 650-653.

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