Pub Date : 2022-01-01Epub Date: 2022-06-16DOI: 10.1007/s11166-022-09387-8
Christina McGranaghan, Steven G Otto
We experimentally test for the role of choice uncertainty in generating "endowment effects" - the robust empirical finding that endowing participants with an item raises their reported valuation relative to participants being asked to purchase it instead. While there is some compelling evidence concerning trade uncertainty in the literature, there is substantially less evidence regarding the importance of choice uncertainty. This paper provides novel support for the significance of choice uncertainty in the context of both trading and stated valuations. In a primary set of studies, we find that reducing choice uncertainty eliminates under-trading in the exchange setting and decreases (but does not eliminate) the difference in average valuations reported by buyers and sellers, mainly by decreasing the number of extreme valuations by sellers. Interestingly, our treatment does not lead to a significant increase in the number of mutually acceptable trades implied by stated valuations. Comparing the results from our two primary experiments therefore suggests that value uncertainty continues to play a role in generating valuation asymmetries even after relevant product uncertainty has been resolved. A set of follow-up studies with modified designs replicates this finding in the exchange setting but fails to generate a valuation asymmetry in the control condition, possibly due to pandemic-related mitigation measures and less participant time with the endowed item.
Supplementary information: The online version contains supplementary material available at 10.1007/s11166-022-09387-8.
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Pub Date : 2021-12-01DOI: 10.1007/s11166-022-09372-1
Timo R Lambregts, Paul van Bruggen, H. Bleichrodt
{"title":"Correction to: Insurance decisions under nonperformance risk and ambiguity","authors":"Timo R Lambregts, Paul van Bruggen, H. Bleichrodt","doi":"10.1007/s11166-022-09372-1","DOIUrl":"https://doi.org/10.1007/s11166-022-09372-1","url":null,"abstract":"","PeriodicalId":48066,"journal":{"name":"Journal of Risk and Uncertainty","volume":"63 1","pages":"255 - 255"},"PeriodicalIF":4.7,"publicationDate":"2021-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47564504","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-12-01DOI: 10.1007/s11166-021-09367-4
S. Bikhchandani, Uzi Segal
{"title":"Intransitivity in the small and in the large","authors":"S. Bikhchandani, Uzi Segal","doi":"10.1007/s11166-021-09367-4","DOIUrl":"https://doi.org/10.1007/s11166-021-09367-4","url":null,"abstract":"","PeriodicalId":48066,"journal":{"name":"Journal of Risk and Uncertainty","volume":"63 1","pages":"257 - 273"},"PeriodicalIF":4.7,"publicationDate":"2021-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41940295","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-10-01DOI: 10.1007/s11166-021-09361-w
A. Bandyopadhyay, Lutfunnahar Begum, P. Grossman
{"title":"Gender differences in the stability of risk attitudes","authors":"A. Bandyopadhyay, Lutfunnahar Begum, P. Grossman","doi":"10.1007/s11166-021-09361-w","DOIUrl":"https://doi.org/10.1007/s11166-021-09361-w","url":null,"abstract":"","PeriodicalId":48066,"journal":{"name":"Journal of Risk and Uncertainty","volume":"63 1","pages":"169 - 201"},"PeriodicalIF":4.7,"publicationDate":"2021-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44052204","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-10-01DOI: 10.1007/s11166-021-09363-8
A. Galliera, E. Rutström
{"title":"Crowded out: Heterogeneity in risk attitudes among poor households in the US","authors":"A. Galliera, E. Rutström","doi":"10.1007/s11166-021-09363-8","DOIUrl":"https://doi.org/10.1007/s11166-021-09363-8","url":null,"abstract":"","PeriodicalId":48066,"journal":{"name":"Journal of Risk and Uncertainty","volume":"63 1","pages":"103 - 132"},"PeriodicalIF":4.7,"publicationDate":"2021-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47850626","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-09-22DOI: 10.1007/s11166-021-09360-x
F. Sánchez-Martínez, J. Martínez-Pérez, J. Abellan-Perpiñan, J. Pinto-Prades
{"title":"The value of statistical life in the context of road safety: new evidence on the contingent valuation/standard gamble chained approach","authors":"F. Sánchez-Martínez, J. Martínez-Pérez, J. Abellan-Perpiñan, J. Pinto-Prades","doi":"10.1007/s11166-021-09360-x","DOIUrl":"https://doi.org/10.1007/s11166-021-09360-x","url":null,"abstract":"","PeriodicalId":48066,"journal":{"name":"Journal of Risk and Uncertainty","volume":"63 1","pages":"203 - 228"},"PeriodicalIF":4.7,"publicationDate":"2021-09-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44872220","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-08-01DOI: 10.1007/s11166-021-09355-8
Liqun Liu, Nicolas Treich
{"title":"Optimality of winner-take-all contests: the role of attitudes toward risk","authors":"Liqun Liu, Nicolas Treich","doi":"10.1007/s11166-021-09355-8","DOIUrl":"https://doi.org/10.1007/s11166-021-09355-8","url":null,"abstract":"","PeriodicalId":48066,"journal":{"name":"Journal of Risk and Uncertainty","volume":"63 1","pages":"1 - 25"},"PeriodicalIF":4.7,"publicationDate":"2021-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45790233","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-08-01DOI: 10.1007/s11166-021-09357-6
Angela C. M. de Oliveira
{"title":"When risky decisions generate externalities","authors":"Angela C. M. de Oliveira","doi":"10.1007/s11166-021-09357-6","DOIUrl":"https://doi.org/10.1007/s11166-021-09357-6","url":null,"abstract":"","PeriodicalId":48066,"journal":{"name":"Journal of Risk and Uncertainty","volume":"63 1","pages":"59 - 79"},"PeriodicalIF":4.7,"publicationDate":"2021-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1007/s11166-021-09357-6","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"52529860","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-08-01DOI: 10.1007/s11166-021-09358-5
Carlos Alós-Ferrer, Alexander Jaudas, Alexander Ritschel
{"title":"Effortful Bayesian updating: A pupil-dilation study","authors":"Carlos Alós-Ferrer, Alexander Jaudas, Alexander Ritschel","doi":"10.1007/s11166-021-09358-5","DOIUrl":"https://doi.org/10.1007/s11166-021-09358-5","url":null,"abstract":"","PeriodicalId":48066,"journal":{"name":"Journal of Risk and Uncertainty","volume":"63 1","pages":"81 - 102"},"PeriodicalIF":4.7,"publicationDate":"2021-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47615305","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-06-01DOI: 10.1007/s11166-021-09362-9
Liqun Liu, Jack Meyer
{"title":"Stochastic superiority","authors":"Liqun Liu, Jack Meyer","doi":"10.1007/s11166-021-09362-9","DOIUrl":"https://doi.org/10.1007/s11166-021-09362-9","url":null,"abstract":"","PeriodicalId":48066,"journal":{"name":"Journal of Risk and Uncertainty","volume":"74 1","pages":"225 - 246"},"PeriodicalIF":4.7,"publicationDate":"2021-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"52529880","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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