Inducing risk neutral preferences with binary lotteries: A reconsideration

Harrison, G. W., Martínez-Correa, J., & Swarthout, J. T. (2013). Inducing risk neutral preferences with binary lotteries: A reconsideration. Journal of Economic Behavior & Organization, 94, 145-159. [working paper 版]
lottery procedure 是實驗中避免 risk-averse 的受試者, 影響經濟行為的一種控制方法, 但是否有效, 好像還沒有一致的結論…
On the performance of the lottery procedure for controlling risk preferences  一文中指出, 只要 risk 不要太大, lottery procedure 是可以 induce 出需要的偏好
==original ABSTRACT==
We evaluate the binary lottery procedure for inducing risk neutral behavior. We strip the experimental implementation down to bare bones, taking care to avoid any potentially confounding assumption about behavior having to be made. In particular, our evaluation does not rely on the assumed validity of any strategic equilibrium behavior, or even the customary independence axiom. We show that subjects sampled from our population are generally risk averse when lotteries are defined over monetary outcomes, and that the binary lottery procedure does indeed induce a statistically significant shifttowards risk neutrality. This striking result generaliz es to the case in which subjects make several  lottery choices and one is selected for payment.


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