Why are people reluctant to exchange lottery tickets

@article{BarHillel1996WhyAP,
  title={Why are people reluctant to exchange lottery tickets},
  author={M. Bar-Hillel and E. Neter},
  journal={Journal of Personality and Social Psychology},
  year={1996},
  volume={70},
  pages={17-27}
}
Students were given lottery tickets and then were asked to exchange their ticket for another one, plus a small monetary incentive. Less than 50% agreed. In contrast, when given pens, and the same exchange offer, over 90% agreed. Experimental control rules out that the reluctance to exchange lottery tickets results (a) from overestimation of the winning probability of one's own ticket; (b) from a concern that the ticket, once exchanged, might win in the hands of another, (c) from an overly low… Expand
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