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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Journal of Economic Literature,
American Economic Association, vol. 42(4), pages 1009-1055, December.
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