نتایج جستجو برای: information ambiguity aversion
تعداد نتایج: 1179243 فیلتر نتایج به سال:
In recent years, there has been growing interest in understanding a person's reaction to ambiguous situations, and two similar constructs related to ambiguity, "ambiguity aversion" and "ambiguity intolerance," are defined in different disciplines. In the field of economic decision-making research, "ambiguity aversion" represents a preference for known risks relative to unknown risks. On the oth...
Dynamic models of ambiguity aversion are increasingly popular in applied work. This paper shows that there is a strong interdependence in such models between the ambiguity attitude and the preference for the timing of the resolution of uncertainty, as defined by the classic work of Kreps and Porteus (1978). The modeling choices made in the domain of ambiguity aversion influence the set of model...
We test the relation between ambiguity aversion and five household portfolio choice puzzles: nonparticipation in equities, low allocations to equity, home-bias, own-company stock ownership, and portfolio under-diversification. In a representative US household survey, we measure ambiguity preferences using custom-designed questions based on Ellsberg urns. As theory predicts, ambiguity aversion i...
Ambiguity is often characterized with unknown probability distributions (for potential outcomes), which people avoid while making decisions. Existing literature shows that ambiguity aversion often persists even when these probability distributions are explicitly described to decision makers. We test the hypothesis that exposure to these probability distributions via sampling experience, rather ...
The violations of expected utility axioms displayed in the Ellsberg paradox have recently been attributed to ambiguity aversion. In this paper, we study the impact of ambiguity aversion on equilibrium asset pricing and portfolio holdings in competitive financial markets. We pay particular attention to potential heterogeneity, because a significant minority usually does not violate expected util...
Experimental results on the Ellsberg paradox typically reveal behavior that is commonly interpreted as ambiguity aversion. The experiments reported in the current paper were intended to examine the extent to which such ambiguity aversion can be captured by the Hurwicz criterion. However, contrary to our expectations, Laplace’s principle of insufficient reason performed substantially better than...
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