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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| Date of creation: | 18 Jul 2007 |
| Date of revision: | |
| Handle: | RePEc:jrp:jrpwrp:2007-038 |
| Contact details of provider: | Postal: Carl-Zeiss-Strasse 3, 07743 JENA Phone: +049 3641/ 9 43000 Fax: +049 3641/ 9 43000 Web page: http://www.jenecon.de More information through EDIRC
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References listed on IDEAS
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- 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.
- 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.
- Glenn Harrison & John List, 2004.
"Field experiments,"
Artefactual Field Experiments
00058, The Field Experiments Website.
- Glenn W. Harrison & John A. List, 2004. "Field Experiments," Journal of Economic Literature, American Economic Association, vol. 42(4), pages 1009-1055, December.
- David Reiley & John List, 2008. "Field experiments," Artefactual Field Experiments 00091, The Field Experiments Website.
- 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.
- 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.
- Daniel Ellsberg, 2000. "Risk, Ambiguity and the Savage Axioms," Levine's Working Paper Archive 7605, David K. Levine.
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