Verifying the representativeness heuristic: A field experiment with real-life lottery tickets
Author
Abstract
Suggested Citation
Download full text from publisher
Other versions of this item:
- Michal Krawczyk & Joanna Rachubik, 2018. "Verifying the representativeness heuristic: A field experiment with real-life lottery tickets," Natural Field Experiments 00699, The Field Experiments Website.
References listed on IDEAS
- Catherine C. Eckel & Philip J. Grossman, 2002. "Sex Differences and Statistical Stereotyping in Attitudes Toward Financial Risk," Monash Economics Working Papers archive-03, Monash University, Department of Economics.
- Sigrid Suetens & Claus B. Galbo-Jørgensen & Jean-Robert Tyran, 2016.
"Predicting Lotto Numbers: A Natural Experiment on the Gambler's Fallacy and the Hot-Hand Fallacy,"
Journal of the European Economic Association, European Economic Association, vol. 14(3), pages 584-607.
- Sigrid Suetens & Claus B. Galbo-Jørgensen & Jean-Robert Tyran, 2016. "Predicting Lotto Numbers: A Natural Experiment On The Gambler'S Fallacy And The Hot-Hand Fallacy," Journal of the European Economic Association, European Economic Association, vol. 14(3), pages 584-607, June.
- Tyran, Jean-Robert & Suetens, Sigrid & ,, 2011. "Predicting Lotto Numbers," CEPR Discussion Papers 8314, C.E.P.R. Discussion Papers.
- Claus Bjørn Jørgensen & Sigrid Suetens & Jean-Robert Tyran, 2011. "Predicting Lotto Numbers," Discussion Papers 11-10, University of Copenhagen. Department of Economics.
- repec:cup:judgdm:v:11:y:2016:i:3:p:243-259 is not listed on IDEAS
- Grether, David M., 1992.
"Testing bayes rule and the representativeness heuristic: Some experimental evidence,"
Journal of Economic Behavior & Organization, Elsevier, vol. 17(1), pages 31-57, January.
- Grether, David M., 1990. "Testing Bayes Rule and the Representativeness Heuristic: Some Experimental Evidence," Working Papers 724, California Institute of Technology, Division of the Humanities and Social Sciences.
- Matthew Rabin, 2002. "Inference by Believers in the Law of Small Numbers," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 117(3), pages 775-816.
- van de Ven, Niels & Zeelenberg, Marcel, 2011. "Regret aversion and the reluctance to exchange lottery tickets," Journal of Economic Psychology, Elsevier, vol. 32(1), pages 194-200, February.
- Kimmo Eriksson & Brent Simpson, 2010. "Emotional reactions to losing explain gender differences in entering a risky lottery," Judgment and Decision Making, Society for Judgment and Decision Making, vol. 5(3), pages 159-163, June.
- Rieger, Marc Oliver & Wang, Mei & Hens, Thorsten, 2011. "Prospect Theory around the World," Discussion Papers 2011/19, Norwegian School of Economics, Department of Business and Management Science.
- Burmeister, Katrin & Schade, Christian, 2007. "Are entrepreneurs' decisions more biased? An experimental investigation of the susceptibility to status quo bias," Journal of Business Venturing, Elsevier, vol. 22(3), pages 340-362, May.
- Helga Fehr-Duda & Manuele Gennaro & Renate Schubert, 2006. "Gender, Financial Risk, and Probability Weights," Theory and Decision, Springer, vol. 60(2), pages 283-313, May.
- Joshua B. Miller & Adam Sanjurjo, 2014. "A Cold Shower for the Hot Hand Fallacy," Working Papers 518, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
- Eckel, Catherine C. & Grossman, Philip J., 2008.
"Men, Women and Risk Aversion: Experimental Evidence,"
Handbook of Experimental Economics Results, in: Charles R. Plott & Vernon L. Smith (ed.), Handbook of Experimental Economics Results, edition 1, volume 1, chapter 113, pages 1061-1073,
Elsevier.
- Catherine C. Eckel & Philip J. Grossman, 2008. "Sex and Risk: Experimental Evidence," Monash Economics Working Papers archive-09, Monash University, Department of Economics.
- Tong V. Wang & Rogier J. D. Potter van Loon & Martijn J. van den Assem & Dennie van Dolder, 2016. "Number preferences in lotteries," Judgment and Decision Making, Society for Judgment and Decision Making, vol. 11(3), pages 243-259, May.
- repec:cup:judgdm:v:5:y:2010:i:3:p:159-163 is not listed on IDEAS
- Lien, Jaimie W. & Yuan, Jia, 2015. "The cross-sectional “Gambler's Fallacy”: Set representativeness in lottery number choices," Journal of Economic Behavior & Organization, Elsevier, vol. 109(C), pages 163-172.
- Rau, Holger A., 2014. "The disposition effect and loss aversion: Do gender differences matter?," Economics Letters, Elsevier, vol. 123(1), pages 33-36.
Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
Cited by:
- Raman Kachurka & Michał Wiktor Krawczyk, 2020. "Lottery "strategies": monetizing players' behavioral biases," Working Papers 2020-29, Faculty of Economic Sciences, University of Warsaw.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Daniel J. Benjamin, 2018.
"Errors in Probabilistic Reasoning and Judgment Biases,"
NBER Working Papers
25200, National Bureau of Economic Research, Inc.
- Daniel J. Benjamin, 2018. "Errors in Probabilistic Reasoning and Judgment Biases," GRU Working Paper Series GRU_2018_023, City University of Hong Kong, Department of Economics and Finance, Global Research Unit.
- Pau Balart & Lara Ezquerra & Iñigo Hernandez-Arenaz, 2022. "Framing effects on risk-taking behavior: evidence from a field experiment in multiple-choice tests," Experimental Economics, Springer;Economic Science Association, vol. 25(4), pages 1268-1297, September.
- Crosetto, P. & Filippin, A., 2017.
"Safe options induce gender differences in risk attitudes,"
Working Papers
2017-05, Grenoble Applied Economics Laboratory (GAEL).
- Paolo Crosetto & Antonio Filippin, 2018. "Safe options induce gender differences in risk attitudes," Post-Print hal-01994494, HAL.
- Crosetto, Paolo & Filippin, Antonio, 2017. "Safe Options Induce Gender Differences in Risk Attitudes," IZA Discussion Papers 10793, Institute of Labor Economics (IZA).
- Paolo Crosetto & Antonio Filippin, 2017. "Safe options induce gender differences in risk attitudes," Working Papers halshs-01529643, HAL.
- Paolo Crosetto & Antonio Filippin, 2017. "Safe options induce gender differences in risk attitudes," Post-Print hal-01969432, HAL.
- Daniel L. Chen & Tobias J. Moskowitz & Kelly Shue, 2016.
"Decision Making Under the Gambler’s Fallacy: Evidence from Asylum Judges, Loan Officers, and Baseball Umpires,"
The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 131(3), pages 1181-1242.
- Daniel Chen & Tobias J. Moskowitz & Kelly Shue, 2016. "Decision-Making under the Gambler's Fallacy: Evidence from Asylum Judges, Loan Officers, and Baseball Umpires," NBER Working Papers 22026, National Bureau of Economic Research, Inc.
- Joshua B. Miller & Adam Sanjurjo, 2018. "Surprised by the Hot Hand Fallacy? A Truth in the Law of Small Numbers," Econometrica, Econometric Society, vol. 86(6), pages 2019-2047, November.
- Joshua B. Miller & Adam Sanjurjo, 2019. "Surprised by the Hot Hand Fallacy? A Truth in the Law of Small Numbers," Papers 1902.01265, arXiv.org.
- Anwesha Bandyopadhyay & Lutfunnahar Begum & Philip J. Grossman, 2021. "Gender differences in the stability of risk attitudes," Journal of Risk and Uncertainty, Springer, vol. 63(2), pages 169-201, October.
- Daniel Chen & Tobias J. Moskowitz & Kelly Shue, 2016.
"Decision-Making under the Gambler's Fallacy: Evidence from Asylum Judges, Loan Officers, and Baseball Umpires,"
NBER Working Papers
22026, National Bureau of Economic Research, Inc.
- Chen, Daniel L. & Moskowitz, Tobias J. & Shue, Kelly, 2016. "Decision-Making Under the Gambler’s Fallacy: Evidence From Asylum Courts, Loan Officers, and Baseball Umpires," IAST Working Papers 16-43, Institute for Advanced Study in Toulouse (IAST).
- Chen, Daniel L. & Moskowitz, Tobias J. & Shue, Kelly, 2016. "Decision-Making Under the Gambler’s Fallacy: Evidence From Asylum Courts, Loan Officers, and Baseball Umpires," TSE Working Papers 16-674, Toulouse School of Economics (TSE).
- Migheli, Matteo, 2010.
"Gender at work: Productivity and incentives,"
POLIS Working Papers
142, Institute of Public Policy and Public Choice - POLIS.
- Migheli, Matteo, 2010. "Gender at Work: Productivity and Incentives," AICCON Working Papers 74-2010, Associazione Italiana per la Cultura della Cooperazione e del Non Profit.
- Salem, Razan, 2019. "Examining the investment behavior of Arab women in the stock market," Journal of Behavioral and Experimental Finance, Elsevier, vol. 22(C), pages 151-160.
- Dominic Bergers, 2021. "Individual differences in the susceptibility of biases relevant in price management: a state-of-the-art article," Journal of Revenue and Pricing Management, Palgrave Macmillan, vol. 20(4), pages 497-528, August.
- Bertrand, Marianne, 2011. "New Perspectives on Gender," Handbook of Labor Economics, in: O. Ashenfelter & D. Card (ed.), Handbook of Labor Economics, edition 1, volume 4, chapter 17, pages 1543-1590, Elsevier.
- David M. Ritzwoller & Joseph P. Romano, 2019. "Uncertainty in the Hot Hand Fallacy: Detecting Streaky Alternatives to Random Bernoulli Sequences," Papers 1908.01406, arXiv.org, revised Apr 2021.
- Ranganathan, Kavitha & Lejarraga, Tomás, 2021. "Elicitation of risk preferences through satisficing," Journal of Behavioral and Experimental Finance, Elsevier, vol. 32(C).
- Muriel Niederle & Lise Vesterlund, 2007.
"Do Women Shy Away From Competition? Do Men Compete Too Much?,"
The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 122(3), pages 1067-1101.
- Muriel Niederle & Lise Vesterlund, 2005. "Do Women Shy Away From Competition? Do Men Compete Too Much?," NBER Working Papers 11474, National Bureau of Economic Research, Inc.
- Muriel Niederle & Lise Vesterlund, 2005. "Do Women Shy Away from Competition? Do Men Compete too Much?," Discussion Papers 04-030, Stanford Institute for Economic Policy Research.
- Krawczyk, Michał Wiktor & Rachubik, Joanna, 2019.
"The representativeness heuristic and the choice of lottery tickets: A field experiment,"
Judgment and Decision Making, Cambridge University Press, vol. 14(1), pages 51-57, January.
- Michal Krawczyk & Joanna Rachubik, 2019. "The representativeness heuristic and the choice of lottery tickets: A field experiment," Natural Field Experiments 00693, The Field Experiments Website.
- Sule Alan & Seda Ertac & Elif Kubilay & Gyongyi Loranth, 2020.
"Understanding Gender Differences in Leadership,"
The Economic Journal, Royal Economic Society, vol. 130(626), pages 263-289.
- Lóránth, Gyöngyi & Alan, Sule & Ertac, Seda & Kubilay, Elif, 2016. "Understanding Gender Differences in Leadership," CEPR Discussion Papers 11596, C.E.P.R. Discussion Papers.
- Sule Alan & Seda Ertac & Elif Kubilay & Gyongyi Loranth, 2016. "Understanding Gender Differences in Leadership," Working Papers 2016-024, Human Capital and Economic Opportunity Working Group.
- Caliendo, Marco & Cobb-Clark, Deborah A. & Obst, Cosima & Uhlendorff, Arne, 2023.
"Risk preferences and training investments,"
Journal of Economic Behavior & Organization, Elsevier, vol. 205(C), pages 668-686.
- Marco Caliendo & Deborah A. Cobb-Clark & Cosima Obst & Arne Uhlendorff, 2020. "Risk Preferences and Training Investments," CEPA Discussion Papers 23, Center for Economic Policy Analysis.
- Marco Caliendo & Deborah A. Cobb-Clark & Cosima Obst & Arne Uhlendorff, 2020. "Risk Preferences and Training Investments," SOEPpapers on Multidisciplinary Panel Data Research 1113, DIW Berlin, The German Socio-Economic Panel (SOEP).
- Caliendo, Marco & Cobb-Clark, Deborah A. & Obst, Cosima & Uhlendorff, Arne, 2020. "Risk Preferences and Training Investments," IZA Discussion Papers 13828, Institute of Labor Economics (IZA).
- Marco Caliendo & Deborah Cobb-Clark & Cosima Obst & Arne Uhlendorff, 2023. "Risk preferences and training investments," Post-Print hal-04354608, HAL.
- repec:cup:judgdm:v:8:y:2013:i:2:p:91-105 is not listed on IDEAS
- Grossman, Philip J. & Eckel, Catherine & Komai, Mana & Zhan, Wei, 2019.
"It pays to be a man: Rewards for leaders in a coordination game,"
Journal of Economic Behavior & Organization, Elsevier, vol. 161(C), pages 197-215.
- Philip J. Grossman & Catherine Eckel & Mana Komai & Wei Zhan, 2016. "It Pays to Be a Man: Rewards for Leaders in a Coordination Game," Monash Economics Working Papers 38-16, Monash University, Department of Economics.
- Philip J. Grossman & Catherine Eckel & Mana Komai & Wei Zhan, 2017. "It Pays to Be a Man: Rewards for Leaders in a Coordination Game," Monash Economics Working Papers 01-17, Monash University, Department of Economics.
- Parrotta, Pierpaolo & Smith, Nina, 2013.
"Female-Led Firms: Performance and Risk Attitudes,"
IZA Discussion Papers
7613, Institute of Labor Economics (IZA).
- Pierpaolo Parrotta & Nina Smith, 2014. "Female-led firms : Performance and risk attitudes," Post-Print hal-01513946, HAL.
- Pierpaolo Parrotta & Nina Smith, 2014. "Female-led firms : Performance and risk attitudes," Post-Print hal-01513939, HAL.
- Pierpaolo Parrotta & Nina Smith, 2014. "Female-led firms : Performance and risk attitudes," Post-Print hal-01513940, HAL.
More about this item
Keywords
decision bias; gambler’s fallacy; gender difference; hot hand fallacy; lottery choice; misperception of randomness; number preference in lotteries; representativeness heuristic;All these keywords.
JEL classification:
- C93 - Mathematical and Quantitative Methods - - Design of Experiments - - - Field Experiments
- D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
- D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
- D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
NEP fields
This paper has been announced in the following NEP Reports:- NEP-CBE-2018-01-29 (Cognitive and Behavioural Economics)
- NEP-EXP-2018-01-29 (Experimental Economics)
- NEP-UPT-2018-01-29 (Utility Models and Prospect Theory)
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:war:wpaper:2018-03. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Marcin Bąba (email available below). General contact details of provider: https://edirc.repec.org/data/fesuwpl.html .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.