Characterizing ambiguity attitudes using ...
Document type :
Compte-rendu et recension critique d'ouvrage
Title :
Characterizing ambiguity attitudes using model uncertainty
Author(s) :
Berger, Loic [Auteur]
IÉSEG School Of Management [Puteaux]
Centro Euro-Mediterraneo per i Cambiamenti Climatici [Bologna] [CMCC]
Lille économie management - UMR 9221 [LEM]
Bosetti, Valentina [Auteur]
Bocconi University [Milan, Italy]
IÉSEG School Of Management [Puteaux]
Centro Euro-Mediterraneo per i Cambiamenti Climatici [Bologna] [CMCC]
Lille économie management - UMR 9221 [LEM]
Bosetti, Valentina [Auteur]
Bocconi University [Milan, Italy]
Journal title :
Journal of Economic Behavior and Organization
Pages :
621-637
Publisher :
Elsevier
Publication date :
2020
ISSN :
0167-2681
English keyword(s) :
Ambiguity aversion
Laboratory experiment
Non-expected utility
Subjective probabilities
Decreasing absolute ambiguity aversion
Laboratory experiment
Non-expected utility
Subjective probabilities
Decreasing absolute ambiguity aversion
HAL domain(s) :
Sciences de l'Homme et Société/Economies et finances
Sciences cognitives/Psychologie
Sciences cognitives/Psychologie
English abstract : [en]
We report the results of an experiment eliciting individuals' attitudes toward risk and model uncertainty. Using a joint elicitation procedure, we then precisely quantify the strength of individuals' attitude toward ambiguity ...
Show more >We report the results of an experiment eliciting individuals' attitudes toward risk and model uncertainty. Using a joint elicitation procedure, we then precisely quantify the strength of individuals' attitude toward ambiguity in the context of the smooth model and characterize its main properties. Our results provide empirical evidence of decreasing absolute ambiguity aversion (DAAA) and constant relative ambiguity aversion (CRAA). These results shed new light on the way ambiguity attitudes may affect important decisions, such as the choice of health insurance policies or the optimal investment strategy in the face of climate change.Show less >
Show more >We report the results of an experiment eliciting individuals' attitudes toward risk and model uncertainty. Using a joint elicitation procedure, we then precisely quantify the strength of individuals' attitude toward ambiguity in the context of the smooth model and characterize its main properties. Our results provide empirical evidence of decreasing absolute ambiguity aversion (DAAA) and constant relative ambiguity aversion (CRAA). These results shed new light on the way ambiguity attitudes may affect important decisions, such as the choice of health insurance policies or the optimal investment strategy in the face of climate change.Show less >
Language :
Anglais
Popular science :
Non
ANR Project :
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