Valuing a Risky Prospect Less than Its Worst Outcome: Uncertainty Effect or Task Ambiguity?
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.
|Date of creation:||Jul 2007|
|Date of revision:|
|Contact details of provider:|| Postal: P.O. Box 882, Politickych veznu 7, 111 21 Praha 1|
Phone: (+420) 224 005 123
Fax: (+420) 224 005 333
Web page: http://www.cerge-ei.cz
More information through EDIRC
References listed on IDEAS
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.:
- Steven D. Levitt & John A. List, 2007.
"What Do Laboratory Experiments Measuring Social Preferences Reveal About the Real World?,"
Journal of Economic Perspectives,
American Economic Association, vol. 21(2), pages 153-174, Spring.
- John List & Steven Levitt, 2007. "What do Laboratory Experiments Measuring Social Preferences Reveal About the Real World," Artefactual Field Experiments 00480, The Field Experiments Website.
- George Wu & John List & Uri Gneezy, 2006.
"The uncertainty effect: When a risky prospect is valued less than its worst possible outcome,"
Framed Field Experiments
00152, The Field Experiments Website.
- Uri Gneezy & John A. List & George Wu, 2006. "The Uncertainty Effect: When a Risky Prospect is Valued Less than its Worst Possible Outcome," The Quarterly Journal of Economics, Oxford University Press, vol. 121(4), pages 1283-1309.
- Daniel Ellsberg, 2000. "Risk, Ambiguity and the Savage Axioms," Levine's Working Paper Archive 7605, David K. Levine.
- Glenn Harrison & John List, 2004.
Artefactual Field Experiments
00058, The Field Experiments Website.
- Ondrej Rydval & Andreas Ortmann, 2004.
"How financial incentives and cognitive abilities affect task performance in laboratory settings: An illustration,"
CERGE-EI Working Papers
wp221, The Center for Economic Research and Graduate Education - Economics Institute, Prague.
- Rydval, Ondrej & Ortmann, Andreas, 2004. "How financial incentives and cognitive abilities affect task performance in laboratory settings: an illustration," Economics Letters, Elsevier, vol. 85(3), pages 315-320, December.
When requesting a correction, please mention this item's handle: RePEc:cer:papers:wp334. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Jana Koudelkova)
If references are entirely missing, you can add them using this form.