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Separating attitudes towards money from attitudes towards probabilities : stake effects and ambiguity as a test for prospect theory

Vieider, Ferdinand M.; Cingl, Lubomír; Martinsson, Peter; … - 2013

Prospect theory (PT) is the dominant descriptive theory of decision making under risk today. For the modeling of … experiments. In the first experiment, we elicit the value and probability weighting functions both under known and unknown … probability transformations rather than utility transformations. In the second experiment, we examine the effects of an increase …

Persistent link: https://www.econbiz.de/10009792472

Does exposure to unawareness affect risk preferences? : a preliminary result

Ma, Wenjun; Schipper, Burkhard - 2016

changes of awareness. We study how exposure to unawareness affects choices under risk. Participants in our experiment choose …

Persistent link: https://www.econbiz.de/10011478981

Risky Choice in the Limelight

Baltussen, Guido - 2016

This paper examines how risk behavior in the limelight differs from that in anonymity. In two separate experiments we find that subjects are more risk averse in the limelight. However, risky choices are similarly path dependent in the different treatments. Under both limelight and anonymous...

Persistent link: https://www.econbiz.de/10013008121

Comparing Behavior Under Risk and Under Ambiguity in a Lifecycle Experiment

Carbone, Enrica - 2015

long horizons. We present an experiment comparing decision making under certainty, risk, and ambiguity, over a shorter …

Persistent link: https://www.econbiz.de/10013033292

Does exposure to unawareness affect risk preferences? : a preliminary result

Ma, Wenjun; Schipper, Burkhard - 2017

changes of awareness. We study how exposure to unawareness affects choices under risk. Participants in our experiment choose …

Persistent link: https://www.econbiz.de/10011764847

Eliciting risk preferences using choice lists

Freeman, David; Halevy, Yoram; Kneeland, Terri - In: Quantitative economics : QE ; journal of the … 10 (2019) 1, pp. 217-237

. Using an experiment with online workers, we find that subjects choose the risky lottery rather than a sure payment …

Persistent link: https://www.econbiz.de/10011994857

Experimental evaluation of random incentive system under ambiguity

Aoyama, Tomohito; Hanaki, Nobuyuki - 2024

The random incentive system (RIS) is a standard incentive scheme used to elicit preferences in economic experiments. However, it has been speculated that RIS may not be incentive compatible when participants are concerned about ambiguity, i.e., that the choices observed under RIS do not reflect...

Persistent link: https://www.econbiz.de/10015046403

Overconfidence in investment decisions : an experimental approach

Dittrich, Dennis; Güth, Werner; Maciejovsky, Boris - 2001

We experimentally test overconfidence in investment decisions by offering participants the possibility to substitute their own for alternative investment choices. Overall, 149 subjects participated in two experiments, one with just one risky asset, the other with two risky assets. Overconfidence...

Persistent link: https://www.econbiz.de/10011408444

Pricing risk and ambiguity : the effect of perspective taking

Trautmann, Stefan T.; Schmidt, Ulrich - 2011

There is a large literature showing that willingness-to-accept (WTA) is usually much higher than willingness-to-pay (WTP) in empirical studies although they should be roughly equal according to traditional economic theory. A second stream of literature shows that people are typically ambiguity...

Persistent link: https://www.econbiz.de/10009269976

Measuring ambiguity aversion : a systematic experimental approach ; conference paper

Krahnen, Jan Pieter; Ockenfels, Peter; Wilde, Christian - 2014

average. Taken together, the results support the view that ambiguity is an important and distinct argument in decision making …

Persistent link: https://www.econbiz.de/10010489289

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