Valuing A Risky Prospect Less Than Its Worst Outcome: Uncertainty Effect or Task Ambiguity?

Andreas Ortmann, Alexandra Prokosheva, Ondrej Rydval and Ralph Hertwig
Additional contact information
Alexandra Prokosheva: Center for Economic Research and Graduate Education, Charles University, and Economics Institute, Academy of Sciences of the Czech Republic (CERGE-EI).
Ralph Hertwig: University of Basel, Switzerland

No 2007-038, Jena Economics Research Papers from Friedrich-Schiller-University Jena

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 (search for similar items in EconPapers)
JEL-codes: C81 C91 C93 D83 (search for similar items in EconPapers)
Date: 2007-07-18
New Economics Papers: this item is included in nep-cbe, nep-exp and nep-upt
References: View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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Working Paper: Valuing a Risky Prospect Less than Its Worst Outcome: Uncertainty Effect or Task Ambiguity? (2007)
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Persistent link: https://EconPapers.repec.org/RePEc:jrp:jrpwrp:2007-038

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