On Taking a Skewed Risk More than Once

• 成果类型: Article
• 署名作者: Ebert, Sebastian; Koster, Mats
• 署名单位: Ruprecht Karls University Heidelberg
• 刊物名称: AMERICAN ECONOMIC JOURNAL-MICROECONOMICS
• ISSN/ISSBN: 1945-7669
• DOI: 10.1257/mic.20230279
• 发表日期: 2026
• 关键词: myopic loss aversion; prospect-theory; decisions; skewness; experience; models

摘要

Penny-picking refers to the often-observed phenomenon of repeatedly taking negatively skewed risks and seems directly at odds with evidence on (positive-) skewness-seeking as observed in static settings. We show that penny-picking may not only occur despite skewness-seeking, but-seemingly paradoxically-because of skewness-seeking. With sufficient time available, risks with arbitrary negative skewness can be gambled in such a way that, overall, skewness is positive. Therefore, classical behavioral theories like prospect theory straightforwardly explain penny-picking. More generally, we show that the versatile dynamics of skewness reconcile apparent preference reversals concerning the avoidance and acceptance of (skewed and non-skewed) risks.