eprintid: 10203
rev_number: 5
eprint_status: archive
userid: 1
dir: disk0/00/01/02/03
datestamp: 2010-01-07 08:55:24
lastmod: 2015-04-21 16:47:27
status_changed: 2012-08-15 08:51:23
type: workingPaper
metadata_visibility: show
creators_name: Dominiak, Adam
creators_name: Schnedler, Wendelin
title: Attitudes towards Uncertainty and Randomization: An Experimental Study
ispublished: pub
subjects: 330
divisions: 181000
keywords: uncertainty aversion , randomization preference , ambiguity , Choquet expected utility model , maxmin expected utility model , experiment
abstract: 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.
abstract_translated_lang: eng
date: 2009
date_type: published
id_scheme: DOI
id_number: 10.11588/heidok.00010203
schriftenreihe_cluster_id: sr-3
schriftenreihe_order: 0494
ppn_swb: 616147449
own_urn: urn:nbn:de:bsz:16-opus-102037
language: eng
bibsort: DOMINIAKADATTITUDEST2009
full_text_status: public
citation:   Dominiak, Adam ; Schnedler, Wendelin  (2009) Attitudes towards Uncertainty and Randomization: An Experimental Study.  [Working paper]     
document_url: https://archiv.ub.uni-heidelberg.de/volltextserver/10203/1/Dominiak_Schnedler_2009_dp494.pdf