English, Article, Journal or magazine article edition: Lottery pricing under time pressure Pavlo R. Blavatskyy; Wolfgang R. Köhler

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Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Lottery pricing under time pressure
Author
  • Pavlo R. Blavatskyy
  • Wolfgang R. Köhler
Physical Description
  • preprint
Notes
  • This paper investigates how subjects determine minimum selling prices for lotteries. We design an experiment where subjects have at every moment an incentive to state their minimum selling price and to adjust the price if they believe that the price that they stated initially was not optimal. We observe frequent and sizeable price adjustments. We find that random pricing models can not explain the observed price patterns. We show that earlier prices contain information about future price adjustments. We propose a model of Stochastic Pricing that offers an intuitive explanation for these price adjustment patterns.
  • Time pressure, certainty equivalent, experiment, stochastic, Becker-DeGroot- Marschak (BDM) method
  • RePEc:zur:iewwpx:422
Language
  • English
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