TY  - GEN
KW  - uncertainty aversion 
KW  -  randomization preference 
KW  -  ambiguity 
KW  -  Choquet expected utility model 
KW  -  maxmin expected utility model 
KW  -  experiment
Y1  - 2009///
AV  - public
ID  - heidok10203
TI  - Attitudes towards Uncertainty and Randomization: An Experimental Study
UR  - https://archiv.ub.uni-heidelberg.de/volltextserver/10203/
N2  - Individuals exhibit a randomization preference if they prefer random mixtures of two bets to each of the involved bets. Such preferences provide the foundation of various models of uncertainty aversion. However, it has to our knowledge not been empirically investigated whether uncertainty-averse decision makers indeed exhibit such preferences. Here, we examine the relationship experimentally. We find that uncertainty aversion is not positively associated with randomization preferences. Moreover, we observe choices that are not consistent with the prevailing theories of uncertainty aversion: a non-negligible number of uncertain-averse subjects seem to dislike randomization.
A1  - Dominiak, Adam
A1  - Schnedler, Wendelin
ER  -