We implement an experiment to elicit subjects’ ambiguity attitudes in the spirit of Ellsberg’s three-color urn. The … procedure includes three design elements that (together) have not been featured in similar experiments: Strict ambiguity … experimenters). We use this device in order to eliminate possible ‘strategic’ ambiguity related to subjects’ beliefs about the …

averse to risk and ambiguity. The evidence is largely correlational, however, leaving open the question of the direction of … causality. In this paper, we present experimental evidence of causation running from reliance on intuition to risk and ambiguity … lowers the probability of being ambiguity averse by 30 percentage points and increases risk tolerance by about 30 percent in …

affects probability weighting. More in general, this finding supports theories that represent ambiguity attitudes through …

ambiguous urn. Holding other information identical and controlling for the level of ambiguity, we find that labeling assets as … ambiguity robust mean-variance model accurately predicts benchmark portfolio weights of the experimental control group, where … assets are not labeled: subjects allocate more wealth to assets with low ambiguity. For treatment group portfolios, which …

The results of an experiment extending Ellsberg's setup demonstrate that attitudes towards ambiguity and compound … probabilities, and (3) are ambiguity non-neutral. By decomposing ambiguity into risk and model uncertainty, and jointly eliciting … ambiguity aversion. Our data provides evidence of decreasing absolute ambiguity aversion and constant relative ambiguity …

We investigate experimentally whether collective choice matters for individual attitudes to ambiguity. We consider a … observe high proportions of ambiguity averse choices in both individual and collective decision making. Although a majority of … participants display consistent ambiguity attitudes across their decisions, collective choice tends to foster ambiguity aversion …

Epstein and Schneider (2007) develop a framework of learning under ambiguity, generalizing maxmin preferences of Gilboa …-post rejection of theories gives rise to choices that are in sharp contradiction with ambiguity aversion. Concrete, the intertemporal …

An extensive literature has studied ambiguity aversion in economic decision making, and how ambiguity aversion can … general dislike of ambiguity. In this paper, we provide a systematic experimental assessment of ambiguity attitudes in … more than 500 participants and find that ambiguity aversion is the exception, not the rule. We replicate the usual finding …

We introduce a simple, easy to implement instrument for jointly eliciting risk and ambiguity attitudes. Using this … instrument, we structurally estimate a two-parameter model of preferences. Our findings indicate that ambiguity aversion is … significantly overstated when risk neutrality is assumed. This highlights the interplay between risk and ambiguity attitudes as well …

An extensive literature has studied ambiguity aversion in economic decision making, and how ambiguity aversion can … general dislike of ambiguity. In this paper, we provide a systematic experimental assessment of ambiguity attitudes in … more than 500 participants and find that ambiguity aversion is the exception, not the rule. We replicate the usual finding …