How certain is the uncertainty effect?

Rydval, O. and Ortmann, A. and Prokosheva, S. and Hertwig, R.. (2009) How certain is the uncertainty effect? Experimental economics, Vol. 12. pp. 473-487.

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Official URL: http://edoc.unibas.ch/dok/A5258344

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We replicate three tasks for which Gneezy, List and Wu (Q. J. Econ. 121(4):1283–1309, 2006) document the so-called uncertainty effect: People value a binary lottery over non-monetary outcomes less than other people value the lottery’s worse outcome. While the authors implement verbal lottery descriptions, we use a physical lottery format and also provide subjects with complete information about the goods they are to value. We observe for all three pricing tasks that subjects’ willingness to pay for the lottery is significantly higher than other subjects’ willingness to pay for the lottery’s worse outcome.
Faculties and Departments:07 Faculty of Psychology > Departement Psychologie > Ehemalige Einheiten Psychologie > Cognitive and Decision Sciences (Hertwig)
UniBasel Contributors:Hertwig, Ralph
Item Type:Article, refereed
Article Subtype:Research Article
Note:Publication type according to Uni Basel Research Database: Journal article
Last Modified:22 Mar 2012 14:25
Deposited On:22 Mar 2012 13:44

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