How certain is the uncertainty effect?

0339597 - NHU-C 2010 RIV CZ eng J - Journal Article
Rydval, O. - Ortmann, A. - Prokosheva, Sasha - Hertwig, R.
How certain is the uncertainty effect?
CERGE-EI Working Paper Series. -, č. 385 (2009), s. 1-36. ISSN 1211-3298
Institutional research plan: CEZ:MSM0021620846
Keywords : decision under risk * framing * experiments * task ambiguity
Subject RIV: AH - Economics
http://www.cerge-ei.cz/pdf/wp/Wp385.pdf

We replicate three pricing tasks of Gneezy, List and Wu (2006) for which they document the so-called uncertainty effect, namely, that people value a binary lottery over non-monetary outcomes less than other people value the lottery’s worse outcome. While the authors implemented a verbal lottery description, we use a physical lottery format which makes misinterpretation of the lottery structure highly unlikely.
Permanent Link: http://hdl.handle.net/11104/0183074