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Stochastic Choice and Preferences for Randomization

Agranov, Marina and Ortoleva, Pietro (2017) Stochastic Choice and Preferences for Randomization. Journal of Political Economy, 125 (1). pp. 40-68. ISSN 0022-3808.

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We conduct an experiment in which subjects face the same questions repeated multiple times, with repetitions of two types: (1) following the literature, the repetitions are distant from each other; (2) in a novel treatment, the repetitions are in a row, and subjects are told that the questions will be repeated. We find that a large majority of subjects exhibit stochastic choice in both cases. We discuss the implications for models of stochastic choice.

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Additional Information:© 2017 The University of Chicago. Electronically published December 21, 2016. We thank the editor and the anonymous referees for their many useful suggestions that significantly improved the paper. We also thank Mark Dean, David Dillenberger, Federico Echenique, Kfir Eliaz, Guillaume Fréchette, Yoram Halevy, Mark Machina, Daniel Martin, Efe Ok, Gil Riella, Kota Saito, Chris Shannon, Leeat Yariv, and participants at many seminars and conferences for helpful comments and suggestions. Ortoleva gratefully acknowledges the financial support of National Science Foundation grant SES-1156091 and of Caltech’s Gordon and Betty Moore Foundation through grant GBMF1158. Data are available in a zip file.
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Gordon and Betty Moore FoundationGBMF1158
Issue or Number:1
Record Number:CaltechAUTHORS:20170309-135545191
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Official Citation:Marina Agranov and Pietro Ortoleva, "Stochastic Choice and Preferences for Randomization," Journal of Political Economy 125, no. 1 (February 2017): 40-68. DOI: 10.1086/689774
Usage Policy:No commercial reproduction, distribution, display or performance rights in this work are provided.
ID Code:74988
Deposited By: Tony Diaz
Deposited On:09 Mar 2017 22:07
Last Modified:03 Oct 2019 16:45

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