Kachelmeier, S.J., & Shehata, M. (1992). Examining risk preferences under high monetary incentives: Experimental evidence from the People’s Republic of China. American Economic Review, 82, 1120-1141.
That’s what my notes says was the famous experiment which tested some biases, I forget which, in China using offers of up to several months equivalent salary. Just a fast answer grabbed from my notes, I didn’t try to Google or check notes for what the experiment was about.
That’s what my notes says was the famous experiment which tested some biases, I forget which, in China using offers of up to several months equivalent salary. Just a fast answer grabbed from my notes, I didn’t try to Google or check notes for what the experiment was about.
EDIT: Paper here, seems to be about pricing some simple lotteries. http://decisions.epfl.ch/ExpFinance/readings/KachelmeierShehata.pdf
Thanks, I’ll take a look and report.
I think that I’m going to split the prize for best comment between this and Vladimir_M’s comment.