Revealed Preferences for Risk and Ambiguity
نویسندگان
چکیده
منابع مشابه
Revealed Preferences for Risk and Ambiguity
We replicate the essentials of the Huettel et al. (2006) experiment on choice under uncertainty with 30 Yale undergraduates, where subjects make 200 pairwise choices between risky and ambiguous lotteries. Inferences about the independence of economic preferences for risk and ambiguity are derived from estimation of a mixed logit model, where the choice probabilities are functions of two random ...
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We present an experiment in which we test for the effect of participating in a social exchange exercise on revealed risk and ambiguity preferences. In our experiments, subjects make choices over lotteries that reveal their risk and ambiguity preferences. They then participate with a small group in an unstructured on-line chat. After the chat, they reconsider their choices in the risk and ambigu...
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Iterated games, in which the same economic interaction is repeatedly played between the same agents, are an important framework for understanding the effectiveness of strategic choices over time. To date, very little work has applied information theory to the information sets used by agents in order to decide what action to take next in such strategic situations. This article looks at the mutua...
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People often prefer the known over the unknown, sometimes sacrificing potential rewards for the sake of surety. Overcoming impulsive preferences for certainty in order to exploit uncertain but potentially lucrative options may require specialized neural mechanisms. Here, we demonstrate by functional magnetic resonance imaging (fMRI) that individuals' preferences for risk (uncertainty with known...
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Previous research has demonstrated that risk and ambiguity preferences are both influenced by a decision-maker’s perceived sense of competence. However, related research has been limited to the effects of task-specific competence rather than those of general competence. In this paper, we argue that a perception of competence need not be related to the domain of the evaluated decision in order t...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2010
ISSN: 1556-5068
DOI: 10.2139/ssrn.1709586