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Experimental Evidence for Attractions to Chance

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  • Wulf Albers

    (Institute of Mathematical Economics, Bielefeld University)

  • Robin Pope
  • Reinhard Selten
  • Bodo Vogt

Abstract

Divide the decisionmaker'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.

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Bibliographic Info

Paper provided by Bielefeld University, Center for Mathematical Economics in its series Working Papers with number 317.

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Date of creation: Dec 1999
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Handle: RePEc:bie:wpaper:317

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References

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  1. Pope, Robin, 1999. "Reconciliation with the Utility of Chance by Elaborated Outcomes Destroys the Axiomatic Basis of Expected Utility Theory," Discussion Paper Serie B, University of Bonn, Germany 449, University of Bonn, Germany.
  2. Quiggin, John, 1982. "A theory of anticipated utility," Journal of Economic Behavior & Organization, Elsevier, Elsevier, vol. 3(4), pages 323-343, December.
  3. Robin Cubitt & Chris Starmer & Robert Sugden, 1998. "On the Validity of the Random Lottery Incentive System," Experimental Economics, Springer, Springer, vol. 1(2), pages 115-131, September.
  4. Tversky, Amos & Kahneman, Daniel, 1992. " Advances in Prospect Theory: Cumulative Representation of Uncertainty," Journal of Risk and Uncertainty, Springer, Springer, vol. 5(4), pages 297-323, October.
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Cited by:
  1. Battigalli, Pierpaolo & Dufwenberg, Martin, 2009. "Dynamic psychological games," Journal of Economic Theory, Elsevier, Elsevier, vol. 144(1), pages 1-35, January.
  2. Daniela Grieco & Robin Hogarth, 2004. "Excess entry, ambiguity seeking and competence: An experimental investigation," Economics Working Papers, Department of Economics and Business, Universitat Pompeu Fabra 778, Department of Economics and Business, Universitat Pompeu Fabra.
  3. Pablo Brañas-Garza, 2006. "Why gender based game theory?," ThE Papers, Department of Economic Theory and Economic History of the University of Granada. 06/08, Department of Economic Theory and Economic History of the University of Granada..
  4. Fischbacher, Urs & Thöni, Christian, 2008. "Excess entry in an experimental winner-take-all market," Journal of Economic Behavior & Organization, Elsevier, Elsevier, vol. 67(1), pages 150-163, July.
  5. Pope, Robin, 2004. "Biases from omitted risk effects in standard gamble utilities," Journal of Health Economics, Elsevier, Elsevier, vol. 23(4), pages 695-735, July.
  6. Heufer, Jan, 2013. "Quasiconcave preferences on the probability simplex: A nonparametric analysis," Mathematical Social Sciences, Elsevier, Elsevier, vol. 65(1), pages 21-30.
  7. 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.
  8. Kjell Hausken, 2007. "Book Review," Theory and Decision, Springer, Springer, vol. 62(3), pages 303-309, May.
  9. Ronald Bosman & Frans van Winden, 2001. "Anticipated and Experienced Emotions in an Investment Experiment," Tinbergen Institute Discussion Papers, Tinbergen Institute 01-058/1, Tinbergen Institute.

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