{"id":{"repo_id":"buffalo","oai_identifier":"oai:ubir.buffalo.edu:10477/84015"},"canonical_url":"https://search.dev.ndltd.org/etd/buffalo/oai:ubir.buffalo.edu:10477/84015","repository":{"repo_id":"buffalo","name":"Buffalo","base_url":"https://ubir.buffalo.edu/oai/request"},"display":{"title":"Individuals' Decision Making About Risk Under Both Description and Experience","abstract":"Ph.D.","abstract_html":"Ph.D.","abstract_has_math":false,"creators":["Yazdani, Mahdieh; 0000-0001-7878-8174"],"institution":"State University of New York at Buffalo","degree_name":null,"degree_level":null,"degree_discipline":null,"degree_department":null,"school":null,"contributors":["Morgan, Peter","Economics"],"advisors":[],"committee_chairs":[],"committee_members":[],"year":2022,"date_issued":"2022-06-21T15:47:04Z","date_published":"2022-06-21T15:47:04Z","updated_at":"2026-07-27T19:05:28Z","subjects":["economics"],"languages":["eng"],"rights":["Users of works found in University at Buffalo Institutional Repository (UBIR) are responsible for identifying and contacting the copyright owner for permission to reuse. University at Buffalo Libraries do not manage rights for copyright-protected works and cannot assist with permissions.","Copyright retained by author."],"rights_urls":[],"identifier_entries":[]},"links":{"outbound_url":"http://hdl.handle.net/10477/84015","outbound_label":"Handle","outbound_source":"dc:identifier"},"metadata_groups":[{"id":"people","label":"People","entries":[{"key":"dc:contributor","label":"Contributor","values":["Morgan, Peter","Economics"]},{"key":"dc:creator","label":"Author","values":["Yazdani, Mahdieh; 0000-0001-7878-8174"]}]},{"id":"academic_context","label":"Academic Context","entries":[{"key":"dc:date","label":"Dc Date","values":["2022-06-21T15:47:04Z","2020"]},{"key":"dc:publisher","label":"Institution","values":["State University of New York at Buffalo"]},{"key":"dc:type","label":"Dc Type","values":["Text","Dissertation"]}]},{"id":"subjects_keywords","label":"Subjects and Keywords","entries":[{"key":"dc:subject","label":"Dc Subject","values":["economics"]}]},{"id":"language_rights","label":"Language and Rights","entries":[{"key":"dc:language","label":"Dc Language","values":["eng"]},{"key":"dc:rights","label":"Dc Rights","values":["Users of works found in University at Buffalo Institutional Repository (UBIR) are responsible for identifying and contacting the copyright owner for permission to reuse. University at Buffalo Libraries do not manage rights for copyright-protected works and cannot assist with permissions.","Copyright retained by author."]}]},{"id":"identifiers","label":"Identifiers","entries":[{"key":"dc:identifier","label":"Identifier","values":["http://hdl.handle.net/10477/84015"]}]},{"id":"additional","label":"Additional Metadata","entries":[{"key":"dc:description","label":"Description","values":["Ph.D.","Risk and uncertainty play an important role in almost every decision we make. Heterogeneity in risk attitudes constitutes a confounding effect in predicting the behavior of an individual in natural settings. To prevent such confounding effects, understanding individuals’ attitudes towards risk is crucial. This study lies at the intersection of behavioral and experimental economics where we design and run laboratory experiments to understand better how individuals make risky decisions. To elicit an individual’s risk preferences in chapter 2, we ran an experiment over 100 risky decision tasks. We observe that at a 5% significance level 36.9% of the subjects in our experiment are expected utility maximizers. The rest of our subjects are non-expected utility maximizers. In naturally occurring environments people typically make decisions without a complete knowledge of the possible outcomes and risks. In chapter 3, in an experiment under “experience”, the individuals learned the risks associated with the outcomes in each risky decision. In this experiment there were two different types of risky decisions. Some of the risky decisions involved risks of specific monetary outcomes. We call these risky decisions simple binary lotteries. Other risky decisions involved several stages of risk, ending up in specific monetary outcomes. We call these risky decisions compound binary lotteries. We are interested in how these different types of risky decisions affect individuals’ behaviors. We found that compound binary lotteries under both experience and description generated more choices that are consistent with risk neutral behavior. In chapter 4, we tested the reduction of compound lottery axiom. We do not observe statistically significant violations of the reduction of compound binary lottery axiom among our treatments.","**To request an accessible version of the file(s) associated with this item, contact library@buffalo.edu. Please include the item's persistent URL [http://hdl.handle.net/. . .] in your request.**"]},{"key":"dc:format","label":"Dc Format","values":["application/pdf"]},{"key":"dc:title","label":"Title","values":["Individuals' Decision Making About Risk Under Both Description and Experience"]}]}],"canonical_facts":{"dc:contributor":["Morgan, Peter","Economics"],"dc:creator":["Yazdani, Mahdieh; 0000-0001-7878-8174"],"dc:date":["2022-06-21T15:47:04Z","2020"],"dc:description":["Ph.D.","Risk and uncertainty play an important role in almost every decision we make. Heterogeneity in risk attitudes constitutes a confounding effect in predicting the behavior of an individual in natural settings. To prevent such confounding effects, understanding individuals’ attitudes towards risk is crucial. This study lies at the intersection of behavioral and experimental economics where we design and run laboratory experiments to understand better how individuals make risky decisions. To elicit an individual’s risk preferences in chapter 2, we ran an experiment over 100 risky decision tasks. We observe that at a 5% significance level 36.9% of the subjects in our experiment are expected utility maximizers. The rest of our subjects are non-expected utility maximizers. In naturally occurring environments people typically make decisions without a complete knowledge of the possible outcomes and risks. In chapter 3, in an experiment under “experience”, the individuals learned the risks associated with the outcomes in each risky decision. In this experiment there were two different types of risky decisions. Some of the risky decisions involved risks of specific monetary outcomes. We call these risky decisions simple binary lotteries. Other risky decisions involved several stages of risk, ending up in specific monetary outcomes. We call these risky decisions compound binary lotteries. We are interested in how these different types of risky decisions affect individuals’ behaviors. We found that compound binary lotteries under both experience and description generated more choices that are consistent with risk neutral behavior. In chapter 4, we tested the reduction of compound lottery axiom. We do not observe statistically significant violations of the reduction of compound binary lottery axiom among our treatments.","**To request an accessible version of the file(s) associated with this item, contact library@buffalo.edu. Please include the item's persistent URL [http://hdl.handle.net/. . .] in your request.**"],"dc:format":["application/pdf"],"dc:identifier":["http://hdl.handle.net/10477/84015"],"dc:language":["eng"],"dc:publisher":["State University of New York at Buffalo"],"dc:rights":["Users of works found in University at Buffalo Institutional Repository (UBIR) are responsible for identifying and contacting the copyright owner for permission to reuse. University at Buffalo Libraries do not manage rights for copyright-protected works and cannot assist with permissions.","Copyright retained by author."],"dc:subject":["economics"],"dc:title":["Individuals' Decision Making About Risk Under Both Description and Experience"],"dc:type":["Text","Dissertation"]},"updated_at":"2026-07-27T19:05:28Z"}