Attributions for ambiguity in a treatment?decision context can create ambiguity aversion or seeking
نویسندگان
چکیده
منابع مشابه
Ambiguity and Ambiguity Aversion
Consider the following choice problem, known as “Ellsberg’s three-color urn example”, or simply the “Ellsberg Paradox” (Ellsberg [7]). An urn contains 30 red balls, and 60 green and blue balls, in unspecified proportions; subjects are asked to compare (i) a bet on a red draw vs. a bet on a green draw, and (ii) a bet on a red or blue draw vs. a bet on a green or blue draw. If the subject wins a ...
متن کاملAmbiguity Aversion , Comparative Ignorance , and Decision Context
People typically find bets less attractive when the probability of receiving a prize is more vague or ambiguous (Ellsberg, 1961). According to Fox & Tverskys (1995) comparative ignorance hypothesis, ambiguity aversion is driven by the comparison with more familiar events or more knowledgeable individuals, and diminishes or disappears in the absence of such a comparison. In this paper we emphas...
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Under which condition does the set of desirable uncertain prospects expand when wealth increases? We show that the decreasing concavity (DC) of the utility function is necessary and sufficient in the −maxmin expected utility model. In the smooth ambiguity aversion model with the ambiguity valuation function , the DC of and of ◦ is necessary and sufficient. An alternative definition of d...
متن کاملMeasuring Ambiguity Aversion
Loss Set A Set A Set A Set A Investment Set B Set B Set B Set B Insurance Set B Set B Set B Set B Furthermore, the subjects face four different types of information in both decision frames and treatments. The ‘precise’ information frame has exact probabilities and exact payments stated. In the ‘ambiguity in probability’ frames, the probability is stated as a range and the payment is fixed. Conv...
متن کاملPreference Reversals for Ambiguity Aversion
T paper finds preference reversals in measurements of ambiguity aversion, even if psychological and informational circumstances are kept constant. The reversals are of a fundamentally different nature than the reversals found before because they cannot be explained by context-dependent weightings of attributes. We offer an explanation based on Sugden’s random-reference theory, with different el...
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ژورنال
عنوان ژورنال: Journal of Behavioral Decision Making
سال: 2021
ISSN: ['0894-3257', '1099-0771']
DOI: https://doi.org/10.1002/bdm.2249