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Individuals exhibit a randomization preference if they prefer random mixtures of two bets to each of the involved bets. Such preferences provide the foundation of various models of uncertainty aversion. However, it has to our knowledge not been empirically investigated whether uncertainty-averse...
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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 …
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