scholarly journals Ambiguity Attitudes about Investments: Evidence from the Field

2019 ◽  
Author(s):  
Kanin Anantanasuwong ◽  
Roy Kouwenberg ◽  
Olivia Mitchell ◽  
Kim Peijnenberg
Keyword(s):  
Ambiguity Attitudes

scholarly journals Testing Ambiguity Models through the Measurement of Probabilities for Gains and Losses

2015 ◽  
Vol 7 (2) ◽  
pp. 77-100 ◽  
Author(s):  
Aurélien Baillon ◽  
Han Bleichrodt
Keyword(s):  
Expected Utility ◽  
Ambiguity Aversion ◽  
Choquet Expected Utility ◽  
Maxmin Expected Utility ◽  
Stock Indices ◽  
Descriptive Validity ◽  
Utility Models ◽  
Ambiguity Attitudes ◽  
Gains And Losses ◽  
Fourfold Pattern

This paper reports on two experiments that test the descriptive validity of ambiguity models using a natural source of uncertainty (the evolution of stock indices) and both gains and losses. We observed violations of probabilistic sophistication, violations that imply a fourfold pattern of ambiguity attitudes: ambiguity aversion for likely gains and unlikely losses and ambiguity seeking for unlikely gains and likely losses. Our data are most consistent with prospect theory and, to a lesser extent, α-maxmin expected utility and Choquet expected utility. Models with uniform ambiguity attitudes are inconsistent with most of the observed behavioral patterns. (JEL D81, D83, G11, G12, G14)

scholarly journals Measuring Ambiguity Attitudes for All (Natural) Events

Econometrica ◽  
2018 ◽  
Vol 86 (5) ◽  
pp. 1839-1858 ◽  
Author(s):  
Aurélien Baillon ◽  
Zhenxing Huang ◽  
Asli Selim ◽  
Peter P. Wakker
Keyword(s):  
Ambiguity Attitudes

Prior Beliefs and Ambiguity Attitudes in Decision from Experience

2021 ◽  
Author(s):  
Ilke Aydogan
Keyword(s):  
Decision Analysis ◽  
Crucial Role ◽  
Decision Model ◽  
Data Sets ◽  
Subjective Probabilities ◽  
Prior Beliefs ◽  
Decisions From Experience ◽  
Ambiguity Attitudes ◽  
Existing Data

Prior beliefs and their updating play a crucial role in decisions under uncertainty, and theories about them have been well established in classical Bayesianism. Yet, they are almost absent for ambiguous decisions from experience. This paper proposes a new decision model that incorporates the role of prior beliefs, beyond the role of ambiguity attitudes, into the analysis of such decisions. Hence, it connects ambiguity theories, popular in economics, with decision from experience, popular (mostly) in psychology, to the benefit of both. A reanalysis of some existing data sets from the literature on decisions from experience shows that the model that incorporates prior beliefs into the estimation of subjective probabilities outperforms the commonly used model that approximates subjective probabilities with observed relative frequencies. Controlling for subjective priors, we obtain more accurate measurements of ambiguity attitudes, and thus a new explanation of the gap between decision from description and decision from experience. This paper was accepted by Manel Baucells, decision analysis.

Spyware – Risk and Ambiguity Attitudes

2012 ◽  
Author(s):  
Easwar A. Nyshadham ◽  
Eric Scott Ackerman ◽  
Vadhindran K. Rao
Keyword(s):  
Ambiguity Attitudes

scholarly journals Off the Charts: Massive Unexplained Heterogeneity in a Global Study of Ambiguity Attitudes

2018 ◽  
Vol 100 (4) ◽  
pp. 664-677 ◽  
Author(s):  
Olivier l’Haridon ◽  
Ferdinand M. Vieider ◽  
Diego Aycinena ◽  
Agustinus Bandur ◽  
Alexis Belianin ◽  
...  
Keyword(s):  
Global Study ◽  
Ambiguity Attitudes

Ambiguity Attitudes in a Large Representative Sample

2016 ◽  
Vol 62 (5) ◽  
pp. 1363-1380 ◽  
Author(s):  
Stephen G. Dimmock ◽  
Roy Kouwenberg ◽  
Peter P. Wakker
Keyword(s):  
Representative Sample ◽  
Ambiguity Attitudes ◽  
Large Representative
Sign in / Sign up

Export Citation Format

Share Document