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An extensive literature has studied ambiguity aversion in economic decision making, and how ambiguity aversion can account for empirically observed violations of expected utility-based theories. Almost all relevant applied models presume a general dislike of ambiguity. In this paper, we provide...
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We study in an experiment whether humans prefer to depend on decisions of other humans (social uncertainty) or states … other humans. This is the first experiment that studies social uncertainty that does not derive from a strategic situation …
Persistent link: https://www.econbiz.de/10011392605
This paper experimentally investigates individual information acquisition and decisions in ambiguous situations in which the degree of ambiguity can endogenously and individually be decreased by the subjects. In particular, I analyze how risk aversion, ambiguity attitude and personality traits...
Persistent link: https://www.econbiz.de/10010357825
We implement an experiment to elicit subjects’ ambiguity attitudes in the spirit of Ellsberg’s three-color urn. The …
Persistent link: https://www.econbiz.de/10010360878
processes we do not find that those subjects showing ambiguity aversion in an urn experiment based on Halevy (2007 …
Persistent link: https://www.econbiz.de/10010188142
Payments and discounts incentivize participation in many transactions about which people know little, but can learn more --- payments for medical trial participation, signing bonuses for job applicants, or price rebates on consumer durables. Who opts into the transaction when given such...
Persistent link: https://www.econbiz.de/10012052276
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former is more flexible, but the latter is often preferred for its simplicity. We conduct an experiment where subjects place …
Persistent link: https://www.econbiz.de/10012112248
experiment where the decision maker draws twice with replacement in the typical Ellsberg two-color urns, but with a different …
Persistent link: https://www.econbiz.de/10011801484