Biases in decision-making under risk. Evidence from field experiments with lottery tickets

The talk will report results of a series of field experiments, in which participants had to choose between lottery tickets with different combinations of numbers. Specifically, the seminar will show how representativeness heuristic correctly explains particular choices (such as reluctance to bet on recently drawn numbers or on distinctive combinations, such as (1,2, … 6)) but not any participant’s behavior across such choice tasks. The speaker will also explore strong and robust evidence of gender difference in the status quo bias. The presentation will be based on (Krawczyk & Rachubik, 2019 Judgment and Decision Making) and two very recent, unpublished manuscripts.