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When a risky prospect is valued more than its best possible outcome
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نویسنده
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drichoutis a.c. ,nayga jr. r.m. ,lusk j.l. ,lazaridis p.
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منبع
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judgment and decision making - 2012 - دوره : 7 - شماره : 1 - صفحه:1 -18
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چکیده
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In this paper,we document a violation of normative and descriptive models of decision making under risk. in contrast to uncertainty effects found by gneezy,list andwu (2006),some subjects in our experiments valued lotteries more than the best possible outcome. we show that the overbidding effect is more strongly related to individuals' competitiveness traits than comprehension of the lottery's payoff mechanism.
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کلیدواژه
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Competitiveness; Decision making under risk; Experiments; Lottery payoff comprehension
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آدرس
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department of economics,university of ioannina,university campus,45110,ioannina, Greece, department of agricultural economics and agribusiness,university of arkansas, United States, department of agricultural economics,oklahoma state university, United States, department of agricultural economics and rural development,agricultural university of athens, Greece
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Authors
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