β Scribed by Dan Lovallo; Daniel Kahneman
No coin nor oath required. For personal study only.
This study extends Loewenstein's (1987) notions of savoring and dread to the domain of uncertainty. Measures of attractiveness and of willingness to delay the resolution of uncertainty were obtained for 16 two-outcome gambles with expected value of $1000 and for reΒ―ected versions of the same gambles. In both sets, the correlation between the means of the two measures was almost perfect. Positively skewed gambles were most attractive, and associated with the highest tolerance for delayed resolution. A measure of willingness to pay for early resolution showed a similar pattern.
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