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Flipping a coin: theory and evidence

[working paper]

Dwenger, Nadja; Kübler, Dorothea; Weizsäcker, Georg

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Please use the following Persistent Identifier (PID) to cite this document:http://hdl.handle.net/10419/96936

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Corporate Editor Wissenschaftszentrum Berlin für Sozialforschung gGmbH
Abstract We investigate the possibility that a decision-maker prefers to avoid making a decision and instead delegates it to an external device, e.g., a coin flip. In a series of experiments our participants often choose a stochastically dominated lottery between outcomes, contradicting most theories of choice such as expected utility. A large data set on university applications in Germany shows a choice pattern that is consistent with a preference for randomization, entailing substantial allocative consequences. The findings are consistent with our theory of responsibility aversion. (author's abstract)
Keywords decision making; voting; election; stochastics; responsibility; experiment
Classification General Psychology
Document language English
Publication Year 2014
City Berlin
Page/Pages 42 p.
Series Discussion Papers / Wissenschaftszentrum Berlin für Sozialforschung, Forschungsschwerpunkt Markt und Entscheidung, Abteilung Verhalten auf Märkten, SP II 2013-201r
Status Published Version; reviewed
Licence Deposit Licence - No Redistribution, No Modifications