Valuing a Risky Prospect Less than its Worst Outcome: Uncertainty Effect or Task Ambiguity?
Jena Economic Research Paper No. 2007-038
CERGE-EI Working Paper No. 334
11 Pages Posted: 18 Oct 2007
There are 2 versions of this paper
Valuing a Risky Prospect Less than its Worst Outcome: Uncertainty Effect or Task Ambiguity?
Valuing a Risky Prospect Less than its Worst Outcome: Uncertainty Effect or Task Ambiguity?
Date Written: July 12, 2007
Abstract
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.
Keywords: risky choice, framing, experiments, task ambiguity, subject confusion
JEL Classification: C81, C91, C93, D83
Suggested Citation: Suggested Citation
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