Stochastic Choice and Preferences for Randomization

Marina Agranov and Pietro Ortoleva

Journal of Political Economy, 2017, vol. 125, issue 1, 40 - 68

Abstract: We conduct an experiment in which subjects face the same questions repeated multiple times, with repetitions of two types: (1) following the literature, the repetitions are distant from each other; (2) in a novel treatment, the repetitions are in a row, and subjects are told that the questions will be repeated. We find that a large majority of subjects exhibit stochastic choice in both cases. We discuss the implications for models of stochastic choice.

Date: 2017
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