attitudes exemplifies the importance message conveyed by the ambiguity literature that it is unscientific to apply the theory of …

associated with ambiguous acts. We design an experiment where the decision maker draws twice with replacement in the typical …/α-MP, KMM and Savage's SEU all predict unequivocally that risk-averse DMs shall avoid the 50-50 urn that exhibits the highest … risk conceivable, while risk-seeking ones do the opposite. However, we observe a substantial number of violations in the …

, subjects can reduce or even eliminate the ambiguity and turn the decision situation into one of risk. Under the assumption that …This paper focuses on information acquisition and individual decision making in ambiguous situations and presents a … choice between risky and ambiguous Ellsberg urns, we let them choose between a safe option and a risky lottery, whose risk is …

behavior in many important domains such as financial decision-making. However, there is little empirical evidence on its causes … which a decision-maker has difficulties assigning a single probability to each possible event - as a potential determinant …

terms of social and risk preferences. We modelize preferences according to the inequity aversion model of Fehr and Schmidt … (1999) and to the assumption of constant relative risk aversion. Risk aversion is significantly and negatively correlated … with the contribution decision of first movers. Second movers with sufficiently high advantageous inequity aversion free …

We elicit subjects' willingness to pay to reduce future risk. In our experiments, subjects are given a cash endowment … probability sessions, suggesting that this bias robustly persists in environments including both risk and future uncertainty, and …

This paper uses non-parametric methods to study the efficiency (Dybvig, 1988 and Post, 2003) and risk-profiles (Varian …. Further, our results suggest that a representative agent exhibits decreasing absolute risk aversion and constant relative risk …

in the domain of risk. We find that many individuals prefer mixtures of lotteries in ways that systematically rule out … expected utility behavior. We explore the extent to which an individual's risk preferences are related to a preference for … risk preferences are positively correlated with behavior from repeated discrete choice tasks …