Retesting the uncertainty effect using lotteries with real products and money

Uri Benzion, Shosh Shahrabani, Tal Shavit

Research output: Contribution to journalArticlepeer-review

3 Scopus citations


In the current study, several experiments re-examine the uncertainty effect using lotteries that include real products, monetary outcomes and electronic gift cards in a between-subjects design. The study also takes the selling position into consideration, in addition to the buying position considered by all previous works on the uncertainty effect. The results indicate that for all types of lotteries, the bids are higher than the bids for the worst possible realization. These findings are consistent with the internality axiom and do not support the uncertainty effect.

Original languageEnglish
Pages (from-to)s175-s186
JournalBulletin of Economic Research
Issue numberSUPPL1
StatePublished - 1 May 2013
Externally publishedYes


  • Auction
  • Lotteries
  • Real products
  • Uncertainty effect
  • WTA
  • WTP

ASJC Scopus subject areas

  • Economics and Econometrics


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