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Persistent link: https://www.econbiz.de/10012485497
Although much of the theoretical literature on ambiguity works under the assumption of uncertainty aversion …-UA (for α-Uncertainty Attitude) preferences: a simple extension of the family of uncertainty averse preferences (Cerreia …-Vioglio et al., 2011b) with a Hurwicz-style mixing coefficient, so as to admit a richer range of uncertainty attitudes. The …
Persistent link: https://www.econbiz.de/10012266826
of beliefs (or ambiguity), imprecision of tastes (or multi-utility), and state dependence of utility. Examples include … multi-attribute decisions under uncertainty, such as some climate decisions, where trade-offs across attributes may be state … dependent. This paper proposes and characterises a model of uncertainty averse preferences that can simultaneously incorporate …
Persistent link: https://www.econbiz.de/10012120578
Persistent link: https://www.econbiz.de/10014454544
Observed individual behavior in the presence of ambiguity is characterized by insufficient responsiveness to changes in … subjective likelihoods. Such likelihood insensitivity under ambiguity is integral to theoretical models and predictive of … and determining factors. This paper investigates the role of beliefs in the form of ambiguity perception - the extent to …
Persistent link: https://www.econbiz.de/10013330060
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/10010427692
are lower with the presence of ambiguity. This result is consistent with ambiguity loving in a model which allows for … different ambiguity attitudes. Alternative interpretations of this result, such as the hostile nature hypothesis proposed by …
Persistent link: https://www.econbiz.de/10005146564
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/10010897328
Observed individual behavior in the presence of ambiguity is characterized by insufficient responsiveness to changes in … subjective likelihoods. Such likelihood insensitivity under ambiguity is integral to theoretical models and predictive of … and determining factors. This paper investigates the role of beliefs in the form of ambiguity perception - the extent to …
Persistent link: https://www.econbiz.de/10013163191
In this paper, we consider a decision-maker who tries to learn the distribution of outcomes from previously observed cases. For each observed database of cases the decision-maker predicts a set of priors expressing his beliefs about the underlying probability distribution. We impose a version of...
Persistent link: https://www.econbiz.de/10010270218