Competence has been recently proposed as an explanation for the degree of ambiguity aversion. Using general knowledge questions we presented subjects with simple lotteries in which they could bet on an event and against the same event. We show that the sum of certainty equivalents for both bets...

In Individualexperimenten zeigte sich, daß Entscheider Situationen ohne Ambiguität gegenüber ansonsten gleichwertigen Situationen mit Ambiguität vorziehen. Die Stärke des Ambiguitäts-effektes ist mit der in der jeweiligen Situation empfundenen Kompetenz korreliert: niedrige (hohe)...

Competence has been recently proposed as an explanation for the degree of ambiguity aversion. Using general knowledge questions we presented subjects with simple lotteries in which they could bet on an event and against the same event. We show that the sum of certainty equivalents for both bets...