We replicate three pricing tasks of Gneezy, List and Wu (2006) for which they document the so-called uncertainty effect, namely, that people value a binary lottery over non-monetary outcomes less than other people value the lottery's worse outcome. While the authors implemented a verbal lottery...

The relationship between risk in the environment, risk aversion and inequality aversion is not well understood. Theories of fairness have typically assumed that pie sizes are known ex-ante. Pie sizes are, however, rarely known ex ante. Using two simple allocation problems—the Dictator and...

Viele Ökonominnen und Ökonomen in Deutschland beklagen die zumeist langsame Geschwindigkeit, mit der Regierungen unabhängig von ihrer politischen Couleur Wirtschaftsreformen umsetzen. Die Volkswirte wünschen sich dabei oft tiefgreifende und damit in ihren intendierten wie auch...

Does risk taking change as a function of age? We conducted a systematic literature search and found 29 comparisons between younger and older adults on behavioral tasks thought to measure risk taking (N = 4,093). The reports relied on various tasks differing in several respects, such as the...

The social world is often portrayed as being less predictable and more uncertain than the nonsocial world. People may therefore feel the need to search more for information before making a choice. However, we suggest that cognitive tools such as social projection and norm-based expectation may...