Experimental Evidence for Attractions to Chance

Albers Wulf, Reinhard Selten, Pope Robin and Vogt Bodo
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Albers Wulf: University of Bielefeld, Bielefeld,Northrhine-Westphalia, Germany
Pope Robin: University of Bielefeld, Bielefeld,Northrhine-Westphalia, Germany
Vogt Bodo: University of Bielefeld, Bielefeld,Northrhine-Westphalia, Germany

German Economic Review, 2000, vol. 1, issue 2, 113-130

Abstract: Divide the decision-maker's future into: (i) a pre-outcome period (lasting from the decision until the outcome of that decision is known), and (ii) a sequel postoutcome period (beginning when the outcome becomes known). Anticipated emotions in both periods may influence the decision, in particular, with regard to an outcome that matters to the person, the enjoyable tension from not yet knowing what this outcome will be. In the experiments presented, lottery choice can be explained by this attraction to chance, and cannot be explained by either convex von Neumann-Morgenstern utility, or by rank-dependent risk-loving weights: attraction to chance is a separate motivator.

Date: 2000
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Working Paper: Experimental evidence for attractions to chance (2017)
Journal Article: Experimental Evidence for Attractions to Chance (2000)
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DOI: 10.1111/1468-0475.t01-1-00007

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