When a risky prospect is valued more than its best possible outcome

被引：0
|
作者：
Drichoutis, Andreas C. [1 ]
Nayga, Rodolfo M., Jr. [2 ]
Lusk, Jayson L. [3 ]
Lazaridis, Panagiotis [4 ]
机构：
[1] Univ Ioannina, Dept Econ, GR-45110 Ioannina, Greece
[2] Univ Arkansas, Dept Agr Econ & Agribusiness, Fayetteville, AR 72701 USA
[3] Oklahoma State Univ, Dept Agr Econ, Stillwater, OK 74078 USA
[4] Agr Univ Athens, Dept Agr Econ & Rural Dev, Athens, Greece
来源：
JUDGMENT AND DECISION MAKING | 2012年 / 7卷 / 01期
关键词：
Decision making under risk; competitiveness; lottery payoff comprehension; experiments; AVERSION; AUCTIONS;
D O I：
暂无
中图分类号：
B84 [心理学];
学科分类号：
04 ; 0402 ;
摘要：
In this paper, we document a violation of normative and descriptive models of decision making under risk. In contrast to uncertainty effects found by Gneezy, List and Wu (2006), some subjects in our experiments valued lotteries more than the best possible outcome. We show that the overbidding effect is more strongly related to individuals' competitiveness traits than comprehension of the lottery's payoff mechanism.
引用
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页码：1 / 18
页数：18
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