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.
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- 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.
- George Wu & John List & Uri Gneezy, 2006.
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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, MIT Press, vol. 121(4), pages 1283-1309, November.
- Glenn Harrison & John List, 2004.
Artefactual Field Experiments
00058, The Field Experiments Website.
- Daniel Ellsberg, 2000. "Risk, Ambiguity and the Savage Axioms," Levine's Working Paper Archive 7605, David K. Levine.
- 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.
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