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Kiel Institute for World Economics Kiel Working Papers, Kiel Institute for World Economics

No 1610:
Common Consequence Effects with Pricing Data

Ulrich Schmidt and Stefan T. Trautmann

Abstract: This paper presents an experimental study analyzing common consequence effects with binary choice, willingness-to-pay (WTP), and willingness-to-accept (WTA). Consistent with previous research we do not find clearcut evidence of fanning out in the absence of certainty effects. Violation rates of EU are more pronounced for WTP and WTA than for choice data. Moreover, there is a strong tendency for violations in the direction of fanning out. Our results reinforce the significance of common consequence effects and provide support for the operation of cancellation in prospect theory

Keywords: Common consequence effects, fanning out, WTP, WTA, cancellation; (follow links to similar papers)

JEL-Codes: C91,; D81; (follow links to similar papers)

6 pages, March 2010

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