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primary topic: How do people cope with an ambiguous situation when it becomes even more ambiguous?

How do people cope with an ambiguous situation when it becomes even more ambiguous?
type: Article
abstract: As illustrated by the famous Ellsberg paradox, many subjects prefer to bet on events with known rather than with unknown probabilities, i.e., they are ambiguity averse. In an experiment, we examine subjects’ choices when there is an additional source of ambiguity, namely, when they do not know how much money they can win. Using a standard independence assumption, we show that ambiguity averse subjects should continue to strictly prefer the urn with known probabilities. In contrast, our results show that many subjects no longer exhibit such a strict preference. This should have important ramifications for modeling ambiguity aversion.
date: 2012
status: published
author list: authors
type: EPrint
type: WorkingPaperEPrint
is part of: repository
has document: How do people cope with an ambiguous situation when it becomes even more ambiguous? (PDF)
has document: How do people cope with an ambiguous situation when it becomes even more ambiguous? (Other)
subject: 330 Wirtschaft

How do people cope with an ambiguous situation when it becomes even more ambiguous? (PDF)
type: Document
has file: Eichberger_Oechssler_Schnedler_dp528.pdf
has part: Eichberger_Oechssler_Schnedler_dp528.pdf

Jörg Oechssler
type: Person
given name: Jörg
family name: Oechssler

Jürgen Eichberger
type: Person
given name: Jürgen
family name: Eichberger

Wendelin Schnedler
type: Person
given name: Wendelin
family name: Schnedler

How do people cope with an ambiguous situation when it becomes even more ambiguous? (Other)
type: Document
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How do people cope with an ambiguous situation when it becomes even more ambiguous? (Other)
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How do people cope with an ambiguous situation when it becomes even more ambiguous? (Other)
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How do people cope with an ambiguous situation when it becomes even more ambiguous? (Other)
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How do people cope with an ambiguous situation when it becomes even more ambiguous? (Other)
type: Document
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primary topic: How do people cope with an ambiguous situation when it becomes even more ambiguous?

330 Wirtschaft
type: Concept
preferred label: 330 Economics @en