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Valuing A Risky Prospect Less Than Its Worst Outcome: Uncertainty Effect or Task Ambiguity?

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Author Info
Andreas Ortmann () (Center for Economic Research and Graduate Education, Charles University, and Economics Institute, Academy of Sciences of the Czech Republic (CERGE-EI).)
Alexandra Prokosheva (Center for Economic Research and Graduate Education, Charles University, and Economics Institute, Academy of Sciences of the Czech Republic (CERGE-EI).)
Ondrej Rydval (Max-Planck-Institute of Economics (Strategic Interaction Group), Jena, Germany)
Ralph Hertwig (University of Basel, Switzerland)

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Abstract

Gneezy, List and Wu [Q. J. Econ. 121 (2006) 1283-1309] document that lotteries are often valued less than the lotteries’ worst outcomes. We show how to undo this result.

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Publisher Info
Paper provided by Friedrich-Schiller-University Jena, Max-Planck-Institute of Economics, Thueringer Universitaets- und Landesbibliothek in its series Jena Economic Research Papers in Economics with number 2007-038.

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Date of creation: 18 Jul 2007
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Handle: RePEc:jrp:jrpwrp:2007-038

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Web page: http://www.jenecon.de

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Related research
Keywords: Risky choice; framing; experiments; task ambiguity; subject confusion;

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Find related papers by JEL classification:
C81 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Microeconomic Data
C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior
C93 - Mathematical and Quantitative Methods - - Design of Experiments - - - Field Experiments
D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search, Learning, and Information

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