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Experimental Evidence for Attractions to Chance

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Author Info
Wulf Albers, Robin Pope, Reinhard Selten and Bodo Vogt

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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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Publisher Info
Paper provided by University of Bonn, Germany in its series Discussion Paper Serie B with number 461.

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Date of creation: Dec 1999
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Handle: RePEc:bon:bonsfb:461

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Postal: Bonn Graduate School of Economics, University of Bonn, Adenauerallee 24 - 26, 53113 Bonn, Germany
Fax: +49 228 73 9221
Web page: http://www.bgse.uni-bonn.de/index.php?id=517

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Related research
Keywords: attractions to chance pre-outcome / post-outcome distinction agreeable pre-outcome tension exogenous changes in tension exogenous changes in the scope for post-outcome elation regret

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Find related papers by JEL classification:
D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty

Cited by:
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  1. 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.. [Downloadable!]
  2. Urs Fischbacher & Christian Thöni, . "Excess Entry in an Experimental Winner-Take-All Market," IEW - Working Papers iewwp086, Institute for Empirical Research in Economics - IEW. [Downloadable!]
  3. 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. [Downloadable!]
  4. Ronald Bosman & Frans van Winden, 2001. "Anticipated and Experienced Emotions in an Investment Experiment," Tinbergen Institute Discussion Papers 01-058/1, Tinbergen Institute. [Downloadable!]
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