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To answer or not to answer? A field test of loss aversion

  • Michał Krawczyk

    ()

    (Faculty of Economic Sciences, University of Warsaw)

This study is a field experiment on loss aversion. The framing of scoring rules was differentiated in two exams at the University of Warsaw, with only half the students facing explicit penalty points in the case of giving an incorrect answer. Loss aversion predicts that less risk will be taken (less questions will be answered) when losses are possible but in fact, no treatment effect was observed.

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File URL: http://www.wne.uw.edu.pl/inf/wyd/WP/WNE_WP53.pdf
File Function: First version, 2011
Download Restriction: no

Paper provided by Faculty of Economic Sciences, University of Warsaw in its series Working Papers with number 2011-13.

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Length: 14 pages
Date of creation: 2011
Date of revision:
Handle: RePEc:war:wpaper:2011-13
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  1. Chris Starmer & Elke Renner & Henrik Orzen & Simon Gachter, 2007. "Are experimental economists prone to framing effects? A natural field experiment," Natural Field Experiments 00331, The Field Experiments Website.
  2. John List, 2003. "Does market experience eliminate market anomalies?," Natural Field Experiments 00297, The Field Experiments Website.
  3. Camerer, Colin, et al, 1997. "Labor Supply of New York City Cabdrivers: One Day at a Time," The Quarterly Journal of Economics, MIT Press, vol. 112(2), pages 407-41, May.
  4. Thaler, Richard H, et al, 1997. "The Effect of Myopia and Loss Aversion on Risk Taking: An Experimental Test," The Quarterly Journal of Economics, MIT Press, vol. 112(2), pages 647-61, May.
  5. repec:hal:journl:hal-00457047 is not listed on IDEAS
  6. Espinosa Alejos, María Paz & Gardeazabal, Javier, 2005. "On the strategic equivalence of multiple-choice test scoring rules," DFAEII Working Papers 2005-20, University of the Basque Country - Department of Foundations of Economic Analysis II.
  7. Mohammed Abdellaoui & Han Bleichrodt & Corina Paraschiv, 2007. "Loss Aversion Under Prospect Theory: A Parameter-Free Measurement," Management Science, INFORMS, vol. 53(10), pages 1659-1674, October.
  8. Michał Krawczyk, 2011. "Framing in the field. A simple experiment on the reflection effect," Working Papers 2011-14, Faculty of Economic Sciences, University of Warsaw.
  9. repec:feb:framed:0074 is not listed on IDEAS
  10. Pavlo Blavatskyy & Ganna Pogrebna, 2006. "Loss Aversion? Not with Half-a-Million on the Table!," IEW - Working Papers 274, Institute for Empirical Research in Economics - University of Zurich.
  11. Ganzach, Yoav & Karsahi, Nili, 1995. "Message framing and buying behavior: A field experiment," Journal of Business Research, Elsevier, vol. 32(1), pages 11-17, January.
  12. Eyal Ert & Ido Erev, 2010. "On the Descriptive Value of Loss Aversion in Decisions under Risk," Harvard Business School Working Papers 10-056, Harvard Business School.
  13. Kahneman, Daniel & Knetsch, Jack L & Thaler, Richard H, 1990. "Experimental Tests of the Endowment Effect and the Coase Theorem," Journal of Political Economy, University of Chicago Press, vol. 98(6), pages 1325-48, December.
  14. Daniel Kahneman, 2003. "Maps of Bounded Rationality: Psychology for Behavioral Economics," American Economic Review, American Economic Association, vol. 93(5), pages 1449-1475, December.
  15. Shlomo Benartzi & Richard H. Thaler, 1993. "Myopic Loss Aversion and the Equity Premium Puzzle," NBER Working Papers 4369, National Bureau of Economic Research, Inc.
  16. 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.
  17. Bruce G. S. Hardie & Eric J. Johnson & Peter S. Fader, 1993. "Modeling Loss Aversion and Reference Dependence Effects on Brand Choice," Marketing Science, INFORMS, vol. 12(4), pages 378-394.
  18. Glenn W Harrison & John A List & Charles Towe, 2007. "Naturally Occurring Preferences and Exogenous Laboratory Experiments: A Case Study of Risk Aversion," Econometrica, Econometric Society, vol. 75(2), pages 433-458, 03.
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