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under risk than under ambiguity (embracing here imprecision and conflict), revealing that people consider ambiguous … that aims at separating attitudes toward risk, imprecision and conflict and at determining if there is a demand for … situations as inferior. Furthermore, respondents behave differently under imprecision and conflict. They exhibit a preference for …
Persistent link: https://www.econbiz.de/10010635162
The risk of losing income and productive means due to adverse weather can differ significantly among farmers sharing a productive landscape and is, of course, hard to estimate or even “guesstimate” empirically. Moreover, the costs associated with investments in adaptation to climate are...
Persistent link: https://www.econbiz.de/10008690223
The risk of losses of income and productive means due to adverse weather can differ significantly among farmers sharing a productive landscape, and is of course hard to estimate, or even “guesstimate” empirically. Moreover, the costs associated with investments in reduced vulnerability to...
Persistent link: https://www.econbiz.de/10011043699
range of probability, but not on any point estimate) versus conflict ambiguity (each expert group provides precise … the probability of a loss is well specified. Furthermore they charge more for conflict ambiguity than imprecise ambiguity …Testing whether risk professionals (here insurers) behave differently under risk and ambiguity when they cover …
Persistent link: https://www.econbiz.de/10008602582
Facing climate change, seasonal forecasts, and weather warnings are increasingly important to warn the public of the risk of extreme climate conditions. However, being confronted with inaccurate forecast systems may undermine individuals' responsiveness in the long run. Using an online...
Persistent link: https://www.econbiz.de/10015053857
I experimentally examine whether feedback about others' choices provides an anchor for decision-making under ambiguity … relative ambiguity attitude (compared to the peer's) significantly matters for shifts in individual attitudes, and that … dynamics considerably differ between gain and loss domains. For gains, learning to be comparably ambiguity averse increases the …
Persistent link: https://www.econbiz.de/10010364762
Before choosing her action to match the state of the world, an agent observes a stream of messages generated by some unknown binary signal. The agent can either learn the underlying signal for free and update her belief accordingly or ignore the observed message and keep her prior belief. After...
Persistent link: https://www.econbiz.de/10014511689
Loss aversion can occur in riskless and risky choices. Yet, there is no evidence whether people who are loss averse in riskless choices are also loss averse in risky choices. We measure individual-level loss aversion in riskless choices in an endowment effect experiment by eliciting both WTA and...
Persistent link: https://www.econbiz.de/10003502465
Loss aversion can occur in riskless and risky choices. Yet, there is no evidence whether people who are loss averse in riskless choices are also loss averse in risky choices. We measure individual-level loss aversion in riskless choices in an endowment effect experiment by eliciting both WTA and...
Persistent link: https://www.econbiz.de/10013316870
We provide a model of decision making under uncertainty in which the decision maker reacts to imprecision of the … notions of comparative aversion to imprecision of the data as well as traditional notions of risk aversion. Interestingly, the … study of comparative aversion to imprecision can be done independently of the utility function, which embeds risk attitudes …
Persistent link: https://www.econbiz.de/10005696846