Decision Making with Risky, Rival Outcomes: Theory and Evidence
Author
Abstract
Suggested Citation
Download full text from publisher
References listed on IDEAS
- repec:clg:wpaper:2013-27 is not listed on IDEAS
- James S. Dyer & Rakesh K. Sarin, 1982. "Relative Risk Aversion," Management Science, INFORMS, vol. 28(8), pages 875-886, August.
- Glenn W. Harrison & John A. List, 2004.
"Field Experiments,"
Journal of Economic Literature, American Economic Association, vol. 42(4), pages 1009-1055, December.
- Glenn Harrison & John List, 2004. "Field experiments," Artefactual Field Experiments 00058, The Field Experiments Website.
- John List & David Reiley, 2008. "Field experiments," Artefactual Field Experiments 00091, The Field Experiments Website.
- 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.
- Thomas Dohmen & Armin Falk & David Huffman & Uwe Sunde & Jürgen Schupp & Gert G. Wagner, 2011.
"Individual Risk Attitudes: Measurement, Determinants, And Behavioral Consequences,"
Journal of the European Economic Association, European Economic Association, vol. 9(3), pages 522-550, June.
- Dohmen, T.J. & Falk, A. & Huffman, D. & Sunde, U. & Schupp, J., 2009. "Individual risk attitudes: measurement, determinants and behavioral consequences," ROA Research Memorandum 006, Maastricht University, Research Centre for Education and the Labour Market (ROA).
- Dohmen, Thomas J. & Falk, Armin & Huffman, David & Sunde, Uwe & Schupp, Jürgen & Wagner, Gert G., 2009. "Individual risk attitudes: Measurement, determinants and behavioral consequences," Munich Reprints in Economics 20049, University of Munich, Department of Economics.
- Dohmen, Thomas J. & Falk, Armin & Huffman, David & Sunde, Uwe & Schupp, Jürgen & Wagner, Gert G., 2011. "Individual risk attitudes: Measurement, determinants, and behavioral consequences," Munich Reprints in Economics 20048, University of Munich, Department of Economics.
- Dohmen, T.J. & Falk, A. & Huffman, D. & Sunde, U. & Schupp, J. & Wagner, G.G., 2009. "Individual risk attitudes: measurement, determinants and behavioral consequences," Research Memorandum 039, Maastricht University, Maastricht Research School of Economics of Technology and Organization (METEOR).
- Glenn W. Harrison & Morten I. Lau & E. Elisabet Rutström, 2007.
"Estimating Risk Attitudes in Denmark: A Field Experiment,"
Scandinavian Journal of Economics, Wiley Blackwell, vol. 109(2), pages 341-368, June.
- Glenn Harrison & Morten Lau & Elisabet Rutstrom, 2004. "Estimating risk attitudes in denmark: A field experiment," Artefactual Field Experiments 00059, The Field Experiments Website.
- Amos Tversky & Daniel Kahneman, 1991. "Loss Aversion in Riskless Choice: A Reference-Dependent Model," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 106(4), pages 1039-1061.
- Caroline Hoxby & Christopher Avery, 2013.
"The Missing "One-Offs": The Hidden Supply of High-Achieving, Low-Income Students,"
Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 44(1 (Spring), pages 1-65.
- Caroline M. Hoxby & Christopher Avery, 2012. "The Missing "One-Offs": The Hidden Supply of High-Achieving, Low Income Students," NBER Working Papers 18586, National Bureau of Economic Research, Inc.
- Hoxby, Caroline M. & Avery, Christopher, 2015. "The Missing "One-Offs": The Hidden Supply of High-Achieving, Low Income Students," Research Papers 3323, Stanford University, Graduate School of Business.
- repec:clg:wpaper:2013-21 is not listed on IDEAS
- Gabriele Paolacci & Jesse Chandler & Panagiotis G. Ipeirotis, 2010. "Running experiments on Amazon Mechanical Turk," Judgment and Decision Making, Society for Judgment and Decision Making, vol. 5(5), pages 411-419, August.
- Jürgen Schupp & Gert G. Wagner, 2002. "Maintenance of and Innovation in Long-Term Panel Studies: The Case of the German Socio-Economic Panel (GSOEP)," Discussion Papers of DIW Berlin 276, DIW Berlin, German Institute for Economic Research.
- Amanda Pallais, 2015. "Small Differences That Matter: Mistakes in Applying to College," Journal of Labor Economics, University of Chicago Press, vol. 33(2), pages 493-520.
- repec:cup:judgdm:v:5:y:2010:i:5:p:411-419 is not listed on IDEAS
- David Johnson & David Cooper, "undated". "Ambiguity in Performance Pay: An Online Experiment," Working Papers 2014-83, Department of Economics, University of Calgary, revised 10 Nov 2014.
- Chao Fu, 2014. "Equilibrium Tuition, Applications, Admissions, and Enrollment in the College Market," Journal of Political Economy, University of Chicago Press, vol. 122(2), pages 225-281.
- Richard H. Thaler & Shlomo Benartzi, 2001. "Naive Diversification Strategies in Defined Contribution Saving Plans," American Economic Review, American Economic Association, vol. 91(1), pages 79-98, March.
- Paolacci, Gabriele & Chandler, Jesse & Ipeirotis, Panagiotis G., 2010. "Running experiments on Amazon Mechanical Turk," Judgment and Decision Making, Cambridge University Press, vol. 5(5), pages 411-419, August.
Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
Cited by:
- David Johnson & John Barry Ryan, 2020.
"Amazon Mechanical Turk workers can provide consistent and economically meaningful data,"
Southern Economic Journal, John Wiley & Sons, vol. 87(1), pages 369-385, July.
- Johnson, David & Ryan, John, 2018. "Amazon Mechanical Turk Workers Can Provide Consistent and Economically Meaningful Data," MPRA Paper 88450, University Library of Munich, Germany.
- Gibson, John & Johnson, David, 2018. "The Economic Relevancy of Risk Preferences Elicited Online and With Low Stakes," MPRA Paper 87231, University Library of Munich, Germany.
- David B. Johnson & Matthew D. Webb, 2017. "An Experimental Test of the No Safety Schools Theorem," Carleton Economic Papers 17-10, Carleton University, Department of Economics.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Atalay, Kadir & Bakhtiar, Fayzan & Cheung, Stephen & Slonim, Robert, 2014.
"Savings and prize-linked savings accounts,"
Journal of Economic Behavior & Organization, Elsevier, vol. 107(PA), pages 86-106.
- Atalay, Kadir & Bakhtiar, Fayzan & Cheung, Stephen L. & Slonim, Robert, 2012. "Savings and Prize-Linked Savings Accounts," IZA Discussion Papers 6927, Institute of Labor Economics (IZA).
- Atalay, Kadir & Bakhtiar, Fayzan & Cheung, Stephen L. & Slonim, Robert, 2013. "Savings and Prize-Linked Savings Accounts," Working Papers 2013-12, University of Sydney, School of Economics.
- Michael Kirchler & Florian Lindner & Utz Weitzel, 2018.
"Rankings and Risk‐Taking in the Finance Industry,"
Journal of Finance, American Finance Association, vol. 73(5), pages 2271-2302, October.
- Michael Kirchler & Florian Lindner & Utz Weitzel, 2016. "Rankings and Risk-Taking in the Finance Industry," Working Papers 2016-02, Faculty of Economics and Statistics, Universität Innsbruck, revised Mar 2018.
- Benjamin L. Collier & Daniel Schwartz & Howard C. Kunreuther & Erwann O. Michel-Kerjan, 2017. "Risk Preferences in Small and Large Stakes: Evidence from Insurance Contract Decisions," NBER Working Papers 23579, National Bureau of Economic Research, Inc.
- Rommel, Jens & Hermann, Daniel & Müller, Malte & Mußhoff, Oliver, 2016. "Comparing The Predictive Power Of Risk Elicitation Instruments: Experimental Evidence From German Farmers," 56th Annual Conference, Bonn, Germany, September 28-30, 2016 244759, German Association of Agricultural Economists (GEWISOLA).
- Bernard, Kévin & Bonein, Aurélie & Bougherara, Douadia, 2020.
"Consumer inequality aversion and risk preferences in community supported agriculture,"
Ecological Economics, Elsevier, vol. 175(C).
- Kévin Bernard & Aurélie Bonein & Douadia Bougherara, 2020. "Consumer Inequality Aversion and Risk Preferences in Community Supported Agriculture," Post-Print hal-02541728, HAL.
- David B. Johnson & Matthew D. Webb, 2017. "An Experimental Test of the No Safety Schools Theorem," Carleton Economic Papers 17-10, Carleton University, Department of Economics.
- Stefano DellaVigna, 2009.
"Psychology and Economics: Evidence from the Field,"
Journal of Economic Literature, American Economic Association, vol. 47(2), pages 315-372, June.
- Stefano DellaVigna, 2007. "Psychology and Economics: Evidence from the Field," NBER Working Papers 13420, National Bureau of Economic Research, Inc.
- Hermann, Daniel & Musshoff, Oliver & Agethen, Katrin, 2014. "I will never switch sides: an experimental approach to determine drivers for investment decisions of conventional and organic hog farmers," 2014 International Congress, August 26-29, 2014, Ljubljana, Slovenia 183084, European Association of Agricultural Economists.
- Francisco Gomes & Michael Haliassos & Tarun Ramadorai, 2021.
"Household Finance,"
Journal of Economic Literature, American Economic Association, vol. 59(3), pages 919-1000, September.
- Haliassos, Michael & Gomes, Francisco, 2020. "Household Finance," CEPR Discussion Papers 14502, C.E.P.R. Discussion Papers.
- Gomes, Francisco J. & Haliassos, Michael & Ramadorai, Tarun, 2020. "Household finance," IMFS Working Paper Series 138, Goethe University Frankfurt, Institute for Monetary and Financial Stability (IMFS).
- Glenn W. Harrison & Morten I. Lau & Hong Il Yoo, 2020.
"Risk Attitudes, Sample Selection, and Attrition in a Longitudinal Field Experiment,"
The Review of Economics and Statistics, MIT Press, vol. 102(3), pages 552-568, July.
- Glenn W. Harrison & Morten I. Lau & Hong Il Yoo, 2017. "Risk Attitudes, Sample Selection and Attrition in a Longitudinal Field Experiment," Department of Economics Working Papers 2017_07, Durham University, Department of Economics.
- Harrison, Glenn W. & Lau, Morten I. & Yoo, Hong Il, 2019. "Risk Attitudes, Sample Selection and Attrition in a Longitudinal Field Experiment," Working Papers 2-2019, Copenhagen Business School, Department of Economics.
- Bogliacino, Francesco & Codagnone, Cristiano, 2021.
"Microfoundations, behaviour, and evolution: Evidence from experiments,"
Structural Change and Economic Dynamics, Elsevier, vol. 56(C), pages 372-385.
- Bogliacino, Francesco & Codagnone, Cristiano, 2017. "Microfoundations, Behaviour, and Evolution: Evidence from Experiments," MPRA Paper 82479, University Library of Munich, Germany.
- Mary Riddel & Sonja Kolstoe, 2013. "Heterogeneity in life-duration preferences: Are risky recreationists really more risk loving?," Journal of Risk and Uncertainty, Springer, vol. 46(2), pages 191-213, April.
- Tim Straub & Henner Gimpel & Florian Teschner & Christof Weinhardt, 2015. "How (not) to Incent Crowd Workers," Business & Information Systems Engineering: The International Journal of WIRTSCHAFTSINFORMATIK, Springer;Gesellschaft für Informatik e.V. (GI), vol. 57(3), pages 167-179, June.
- Galarza, Francisco, 2009.
"Choices under Risk in Rural Peru,"
MPRA Paper
17708, University Library of Munich, Germany.
- Galarza, Francisco B., 2009. "Choices under Risk in Rural Peru," Staff Papers 92247, University of Wisconsin-Madison, Department of Agricultural and Applied Economics.
- Galarza, Francisco B., 2009. "Choices under Risk in Rural Peru," Staff Paper Series 542, University of Wisconsin, Agricultural and Applied Economics.
- Francisco Galarza, 2009. "Choices under risk in rural peru," Artefactual Field Experiments 00047, The Field Experiments Website.
- Chidambaram, Bhuvanachithra & Janssen, Marco A. & Rommel, Jens & Zikos, Dimitrios, 2014. "Commuters’ mode choice as a coordination problem: A framed field experiment on traffic policy in Hyderabad, India," Transportation Research Part A: Policy and Practice, Elsevier, vol. 65(C), pages 9-22.
- Schwaiger, Rene & Hueber, Laura, 2021. "Do MTurkers exhibit myopic loss aversion?," Economics Letters, Elsevier, vol. 209(C).
- Simon Gächter & Eric J. Johnson & Andreas Herrmann, 2022.
"Individual-level loss aversion in riskless and risky choices,"
Theory and Decision, Springer, vol. 92(3), pages 599-624, April.
- Simon Gaechter & Eric Johnson & Andreas Herrmann, 2007. "Individual-Level Loss Aversion In Riskless And Risky Choices," Discussion Papers 2007-02, The Centre for Decision Research and Experimental Economics, School of Economics, University of Nottingham.
- Gächter, Simon & Johnson, Eric J. & Herrmann, Andreas, 2007. "Individual-Level Loss Aversion in Riskless and Risky Choices," IZA Discussion Papers 2961, Institute of Labor Economics (IZA).
- Simon Gaechter & Eric J. Johnson & Andreas Herrmann, 2010. "Individual-level loss aversion in riskless and risky choices," Discussion Papers 2010-20, The Centre for Decision Research and Experimental Economics, School of Economics, University of Nottingham.
- Czibor, Eszter & Onderstal, Sander & Sloof, Randolph & van Praag, C. Mirjam, 2020.
"Does relative grading help male students? Evidence from a field experiment in the classroom,"
Economics of Education Review, Elsevier, vol. 75(C).
- Czibor, Eszter & Onderstal, Sander & Sloof, Randolph & van Praag, Mirjam C., 2014. "Does Relative Grading Help Male Students? Evidence from a Field Experiment in the Classroom," IZA Discussion Papers 8429, Institute of Labor Economics (IZA).
- Eszter Czibor & Sander Onderstal & Randolph Sloof & Mirjam van Praag, 2014. "Does Relative Grading help Male Students? Evidence from a Field Experiment in the Classroom," Tinbergen Institute Discussion Papers 14-116/V, Tinbergen Institute.
- Eszter Czibor & Sander Onderstal & Randolph Sloof & Mirjam van Praag, 2016. "Does Relative Grading Help Male Students? Evidence from a Field Experiment in the Classroom," Framed Field Experiments 00548, The Field Experiments Website.
- Sepahvand, Mohammad H & Shahbazian, Roujman & Bali Swain, Ranjula, 2018. "Does revolution change risk attitudes? Evidence from Burkina Faso," Working Paper Series 2019:2, Uppsala University, Department of Economics.
- Bartczak, Anna & Chilton, Susan & Meyerhoff, Jürgen, 2015.
"Wildfires in Poland: The impact of risk preferences and loss aversion on environmental choices,"
Ecological Economics, Elsevier, vol. 116(C), pages 300-309.
- Anna Bartczak & Susan Chilton & Jürgen Meyerhoff, 2014. "Wildfires in Poland: the impact of risk preferences and loss aversion on environmental choices," Working Papers 2014-08, Faculty of Economic Sciences, University of Warsaw.
More about this item
Keywords
decision making; risk; rival; online experiment;All these keywords.
JEL classification:
- C90 - Mathematical and Quantitative Methods - - Design of Experiments - - - General
- D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
- D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
NEP fields
This paper has been announced in the following NEP Reports:- NEP-CBE-2016-09-18 (Cognitive and Behavioural Economics)
- NEP-EXP-2016-09-18 (Experimental Economics)
- NEP-SOG-2016-09-18 (Sociology of Economics)
- NEP-UPT-2016-09-18 (Utility Models and Prospect Theory)
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:car:carecp:16-12. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Court Lindsay (email available below). General contact details of provider: .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.