Darden's Luckiest Student: Lessons from a High-Stakes Risk Experiment

References

• Becker G. M., DeGroot M. H., Marschak J. Measuring utility by a single-response sequential method. Behav. Sci. (1964) 9(3):226–232Crossref, Google Scholar
• Bodily S. W., Pfeifer P. E. Darden's luckiest student 2008. (2008) . Darden Business Publishing Case QA-0717, University of Virginia Darden School Foundation, CharlottesvilleGoogle Scholar
• Bohm P., Lindén J., Sonnegård J. Eliciting reservation prices: Becker-DeGroot-Marschak mechanisms vs. markets. Econom. J. (1997) 107(443):1079–1089Google Scholar
• Grether D. M., Plott C. Economic theory of choice and the preference reversal phenomena. Amer. Econom. Rev. (1979) 69(4):623–638Google Scholar
• Horowitz J. K. The Becker-DeGroot-Marschak mechanism is not necessarily incentive compatible, even for non-random goods. Econom. Lett. (2006) 93(1):6–11Crossref, Google Scholar
• Kachelmeier S. J., Shehata M. Examining risk preferences under high monetary incentives: Experimental evidence from the People's Republic of China. Amer. Econom. Rev. (1992) 82(5):1120–1141Google Scholar
• Kahneman D., Tversky A. Prospect theory: An analysis of decision under risk. Econometrica (1979) 47(2):263–291Crossref, Google Scholar
• Karni E., Safra Z. “Preference reversal” and the observability of preferences by experimental methods. Econometrica (1987) 55(3):675–685Crossref, Google Scholar
• Kingsley D. C. The role of preference uncertainty in the willingness to pay–willingness to accept disparity: An empirical test. (2008) . Working paper, Westfield State College, Westfield, MAGoogle Scholar
• Kinzie S. A jackpot, as luck would have it: Students play for cash, lesson in life. Washington Post (2007) February 22):B1Google Scholar
• Makridakis S., Hogarth R., Gaba A.Dance with Chance (2009) (Oneworld, Oxford, UK) Google Scholar
• Masatlioglu Y., Ok E. A. Reference-dependent procedural decision making. (2006) . Working paper, University of Michigan, Ann ArborGoogle Scholar
• Plott C. R., Zeiler K. The willingness to pay–willingness to accept gap, the “endowment effect,” subject misconceptions, and experimental procedures for eliciting valuations. Amer. Econom. Rev. (2005) 95(3):530–545Crossref, Google Scholar
• Post T., Van den Assem M. J., Baltussen G., Thaler R. H. Deal or no deal? Decision making under risk in a large-payoff game show. Amer. Econom. Rev. (2008) 98(1):38–71Crossref, Google Scholar
• Samuelson W., Zeckhauser R. Status quo bias in decision making. J. Risk Uncertainty (1988) 1(1):7–59Crossref, Google Scholar
• Smith L. Painful lesson in economics. Chronicle Higher Ed. (2007) March 16):A8Google Scholar
• Taleb N. N.Fooled by Randomness (2001) (Texere LLC, New York) Google Scholar
• Thaler R. Toward a positive theory of consumer choice. J. Econom. Beh. Organ. (1980) 1(1):39–60Crossref, Google Scholar
• Tversky A., Kahneman D. Loss aversion in riskless choice: A reference-dependent model. Quart. J. Econom. (1991) 106(4):1039–1061Crossref, Google Scholar