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

I will report results of a series of field experiments, in which participants had to choose between lottery tickets with different combinations of numbers. Specifically, I 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. I 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 The presentation will be based on (Krawczyk & Rachubik, 2019 Judgment and Decision Making) and two very recent, unpublished manuscripts.

Co-author: Joanna Rachubik