نتایج جستجو برای: information ambiguity aversion
تعداد نتایج: 1179243 فیلتر نتایج به سال:
The Ellsberg Paradox documented the aversion to ambiguity in the probability of winning a prize. Using an original sample of 266 business owners and managers facing risks from climate change, this paper documents the presence of departures from rationality in both directions. Both ambiguity-seeking behavior and ambiguity-averse behavior are evident. People exhibit ‘fear’ effects of ambiguity fo...
This paper studies the effect of learning new information on peoples beliefs and their attitudes towards ambiguity. We propose a method to separate ambiguity attitudes from subjective probabilities and to decompose ambiguity attitudes into pessimism (capturing ambiguity aversion) and likelihood insensitivity. We apply our method in an experiment where we elicit the ask prices of options with pa...
In this paper I develop a Prospect theory based model to explain bidding in first-price auctions. As suggested in the literature, bidding occurs in these auctions in an inherently ambiguous environment due to lack of information about bidders’ risk attitudes and bidding strategies. I show that bidding in first-price auctions can be rationalized as a combination of reactions to underlying ambigu...
This paper analyzes gender differences in ambiguity and whether they can be explained by differences in personality traits. In an experiment with 347 high school students, we investigate choices under ambiguity and link ambiguity to cognitive and personality traits. Participants value ambiguity less than risk. Women are more risk averse, while men are more ambiguity averse than women. Condition...
The influences of optimism and pessimism on ambiguity aversion were investigated in two tasks that manipulated the presence or absence of a potentially competitive experimenter. A total of 112 participants chose which option--ambiguous or known-risk--they preferred in the two slightly differing Ellsberg urns tasks. Optimism was measured using the Extended Life Orientation Test (ELOT). Highly op...
BACKGROUND Aversion to "ambiguity"-uncertainty about the reliability, credibility, or adequacy of information-about medical tests and treatments is an important psychological response that varies among individuals, but little is known about its nature and extent. The purpose of this study was to examine how individual-level ambiguity aversion relates to important health cognitions related to di...
Ambiguity Aversion And The Power Of Established Brands Author(s): A. V. Muthukrishnan, Hong Kong University of Science and Technology Luc Wathieu, ESMT This paper investigates situations where a sizeable sub-set of consumers prefer an inferior (dominated) offer made by an established brand to a superior (dominating) offer made by a less-established brand. Established brands are those for which ...
Several years ago, Cohen et al. (1958) demonstrated that under the influence of alcohol drivers became more risk prone, although their risk perception remained unchanged. Research shows that ambiguity aversion is to some extent positively correlated with risk aversion, though not very highly (Camerer and Weber, 1992). The question addressed by the present research is whether alcohol reduces amb...
It is often suggested that ambiguity aversion makes individuals more precautionary, thereby offering a potential explanation for the equity premium puzzle. We show that this is not true in general. We consider a model in which risk-and-ambiguity-averse agents can invest in an unambiguously safe asset and in an ambiguous risky asset. We exhibit some sufficient conditions to guarantee that, ceter...
Using a large sample of retail investors as well as experimental data we find that risk and ambiguity aversion are positively correlated. We show the common link is decision style: intuitive thinkers tolerate more risk and ambiguity than effortful reasoners. One interpretation is that intuitive thinking confers an advantage in risky or ambiguous situations. We present supporting lab and field e...
نمودار تعداد نتایج جستجو در هر سال
با کلیک روی نمودار نتایج را به سال انتشار فیلتر کنید