Playing for peanuts: Why is risk seeking more common for low-stakes gambles?

By B. Weber, Gretchen Chapman. 2005

159 citations recorded by the source corpus.

Subfields: General Decision Sciences, Safety Research, Sociology and Political Science

View Paper: https://www.semanticscholar.org/paper/3587ae8b6d8de83a083b58e2c249fb7a4abda9c7

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Citations in the corpus

Household energy use: Applying behavioural economics to understand consumer decision-making and behaviour (2015, background): “, people are more willing to take a chance when playing for ‘peanuts’ [58,59].”
Functional Neuroimaging of Intertemporal Choice Models: A Review (2010, background): “Increasing magnitude of reward usually has opposite effects on probability and delay: large rewards reduce the immediacy effect but increase the certainty effect (Chapman & Weber, 2006; Prelec & Loewenstein, 1991; Rachlin, Brown, & Cross, 2000; Weber & Chapman, 2005).”
The Economist as Therapist: Methodological Ramifications of 'Light' Paternalism (2007, unknown): “This finding can be explained in part by what is termed the “peanuts effect” [Prelec and Loewenstein, 1991; Weber and Chapman, 2005].”
Rationality on the rise: Why relative risk aversion increases with stake size (2010, background): “…the bulk of the studies addressing stake sensitivity are either based on quite limited payoff ranges or, when substantial payoffs are involved, on hypothetical choices (Hogarth and Einhorn 1990; Bosch-Domenech and Silvestre 1999; Kuehberger et al. 1999; Weber and Chapman 2005; Astebro et al. 2009).”
Neuronal Reward and Decision Signals: From Theories to Data. (2015, background): “Risk is perceived subjectively through genuine risk avoiding/seeking tendencies (“I hate/love the risk”), risk distortions (“I have no idea/am confident about the outcome”), the value at which loss/win occurs (“no gambling at high values/peanuts”), the domain, situation, and familiarity of the risky”
Internal and external barriers to energy efficiency: which role for policy interventions? (2019, background): “This behavior is known as the Bpeanuts effect^ (Weber and Chapman 2005).”
Probability weighting and the ‘level’ and ‘spacing’ of outcomes: An experimental study over losses (2009, methodology): “…several studies have investigated this point and shown that the impact of error propagation can be considered as negligible (Abdellaoui, Vossman and Weber, 2005; Bleichrodt and Pinto, 2000). hal-00395876, version 1 -18 Oct 2012 In the present study, the weighting function had to be built under…”
A Review and Taxonomy of Choice Architecture Techniques (2016, background): “Choice architects can make use of this so-called “peanuts effect” (Weber & Chapman, 2005) by shaping the perception of effort connected to a financial decision.”