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http://hdl.handle.net/10419/45178
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| Title: | | Negative recency, randomization device choice, and reduction of compound lotteries  |
| Authors: | | Kaivanto, Kim Kroll, Eike Benjamin |
| Issue Date: | | 2011 |
| Series/Report no.: | | Working paper series in economics 22 |
| Abstract: | | We report an experiment in which subjects are not indifferent between real-money lotteries implemented with randomization devices that are equivalent under the Reduction Axiom. Instead choice behavior is consistent with subjective distortion of conditional probability, and this persists in treatment conditions that control for (i) computational limitations and (ii) possible confounding by ratio bias. |
| Subjects: | | reduction of compound lotteries negative recency effect gambler's fallacy law of small numbers randomization devices instruments and materials design of experiments St. Petersburg paradox |
| JEL: | | D81 C91 |
| Persistent Identifier of the first edition: | | urn:nbn:de:swb:90-228610 |
| Document Type: | | Working Paper |
| Appears in Collections: | | Working Paper Series in Economics, Karlsruher Institut für Technologie (KIT)
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