Ranges of Randomization

• 成果类型: Article
• 署名作者: Agranov, Marina; Ortoleva, Pietro
• 署名单位: California Institute of Technology; National Bureau of Economic Research; Princeton University
• 刊物名称: REVIEW OF ECONOMICS AND STATISTICS
• ISSN/ISSBN: 0034-6535
• DOI: 10.1162/rest_a_01355
• 发表日期: 2025
• 关键词: Stochastic choice; incomplete preferences; IMPRECISE PREFERENCES; individual behavior; expected utility; uncertainty; RISK; INDEPENDENCE; aversion; account

摘要

A growing literature has shown that people sometimes prefer to randomize between two options. We investigate how prevalent this behavior is in an experiment using a novel and simple method. Subjects face a list of questions in which one of the alternatives is fixed and the other varies, like a Multiple Price List, but in each row they can randomize between the options. We find that the majority of subjects chose to randomize in the majority of questions, and notably, they did so for ranges of values that were very large.