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Licensed Unlicensed Requires Authentication Published by De Gruyter November 30, 2019

Experimental Evidence for Attractions to Chance

  • Wulf Albers , Reinhard Selten , Robin Pope and Bodo Vogt
From the journal German Economic Review


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.

Published Online: 2019-11-30
Published in Print: 2000-05-01

© 2019 by Walter de Gruyter Berlin/Boston

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