복권 | Case and Study in Lottery | 彩票
- date : 2015-05-20 01:10|hit : 1871
-
- Article] Prospect theory, mental accounting, and differences in aggregated and segregated evaluation of lottery portfolios
-
DocNo of ILP: 6524
Doc. Type: Article
Title: Prospect theory, mental accounting, and differences in aggregated and segregated evaluation of lottery portfolios
Authors: Langer, T; Weber, M
Full Name of Authors: Langer, T; Weber, M
Keywords by Author: prospect theory; mental accounting; evaluation procedures
Keywords Plus: RISK-TAKING; REPEATED GAMBLES; EQUITY PREMIUM; LOSS AVERSION; CHOICES; PUZZLE; MYOPIA
Abstract: If individuals have to evaluate a sequence of lotteries, their judgment is influenced by the presentation mode. Experimental studies have found significantly higher acceptance rates for a sequence of lotteries if the overall distribution was displayed instead of the set of lotteries itself. Mental accounting and loss aversion provide an easy and intuitive explanation for this phenomenon. Ln this paper we offer an explanation that incorporates further evaluation concepts of Prospect Theory. Our formal analysis of the difference in aggregated and segregated portfolio evaluation demonstrates that the higher attractiveness of the aggregated presentation mode is not a general phenomenon (as suggested in the Literature) but depends on specific parameters of the lotteries. The theoretical findings are supported by an experimental study In contrast to the existing evidence and in line with our theoretical results, we find for specific types of lotteries an even lower acceptance rate if the overall distribution is displayed.
Cate of OECD: Economics and business
Year of Publication: 2001
Business Area: lottery
Detail Business: lottery
Country: USA
Study Area:
Name of Journal: MANAGEMENT SCIENCE
Language: English
Country of Authors: Univ Mannheim, D-68131 Mannheim, Germany
Press Adress: Langer, T (reprint author), Univ Mannheim, Lehrstuhl Bankbetriebslehre L 5,2, D-68131 Mannheim, Germany.
Email Address:
Citaion:
Funding:
Lists of Citation: Benartzi S, 1999, MANAGE SCI, V45, P364, DOI 10.1287/mnsc.45.3.364; BENARTZI S, 1995, Q J ECON, V110, P73, DOI 10.2307/2118511; CASEY J, 1994, MANAGE SCI, V40, P731; CASEY JT, 1995, MANAGE SCI, V41, P979, DOI 10.1287/mnsc.41.6.979; Gneezy U, 1997, Q J ECON, V112, P631, DOI 10.1162/003355397555217; Gollier C, 1996, MANAGE SCI, V42, P1524, DOI 10.1287/mnsc.42.11.1524; Wu G, 1996, MANAGE SCI, V42, P1676, DOI 10.1287/mnsc.42.12.1676; KAHNEMAN D, 1979, ECONOMETRICA, V47, P263, DOI 10.2307/1914185; KAHNEMAN D, 1993, MANAGE SCI, V39, P17, DOI 10.1287/mnsc.39.1.17; KEREN G, 1991, ACTA PSYCHOL, V77, P217, DOI 10.1016/0001-6918(91)90036-Y; KEREN G, 1987, J EXP PSYCHOL LEARN, V13, P387, DOI 10.1037//0278-7393.13.3.387; LANGER T, 1999, ALTERNATIVE ENTSCHEI; Lopes LL, 1996, ORGAN BEHAV HUM DEC, V65, P179, DOI 10.1006/obhd.1996.0017; LOPES LL, 1981, J EXP PSYCHOL-HUM L, V7, P377; MEHRA R, 1985, J MONETARY ECON, V15, P145, DOI 10.1016/0304-3932(85)90061-3; REDELMEIER DA, 1992, PSYCHOL SCI, V3, P191, DOI 10.1111/j.1467-9280.1992.tb00025.x; SAMUELSON PA, 1963, SCIENTIA, V98, P108; Thaler R., 1985, MARKET SCI, V4, P199, DOI DOI 10.1287/MKSC.4.3.199; Thaler RH, 1997, Q J ECON, V112, P647, DOI 10.1162/003355397555226; TVERSKY A, 1983, J EXP PSYCHOL LEARN, V9, P713; TVERSKY A, 1981, SCIENCE, V211, P453, DOI 10.1126/science.7455683; TVERSKY A, 1992, J RISK UNCERTAINTY, V5, P297, DOI 10.1007/BF00122574
Number of Citaion: 22
Publication: INST OPERATIONS RESEARCH MANAGEMENT SCIENCES
City of Publication: LINTHICUM HTS
Address of Publication: 901 ELKRIDGE LANDING RD, STE 400, LINTHICUM HTS, MD 21090-2909 USA
ISSN: 0025-1909
29-Character Source Abbreviation: MANAGE SCI
ISO Source Abbreviation: Manage. Sci.
Volume: 47
Version: 5
Start of File: 716
End of File: 733
DOI: 10.1287/mnsc.47.5.716.10483
Number of Pages: 18
Web of Science Category: Management; Operations Research & Management Science
Subject Category: Business & Economics; Operations Research & Management Science
Document Delivery Number: 437JQ
Unique Article Identifier: WOS:000168988900008
[이 게시물은 박장호님에 의해 2015-05-20 14:18:08 GAMBLING에서 이동 됨]
- reply : 0
-
- list
-
- prev
- next