TY  - GEN
ID  - heidok28244
KW  - value of Information
KW  -  ambiguity aversion
KW  -  Ellsberg paradox
KW  -  Ellsberg urn
N2  - The standard Bayesian model implies that information can never have a negative value. We put this implication to the proof. Our paper provides the first test of the value (positive or negative) of information under uncertainty. We show that the ?Bayesian implication? stands in conflict with the information-averse behavior that is revealed in our experiment. This behavior demonstrates that the value of truthful and unambiguous information may indeed be negative. Our findings complement predictions from recent theoretical work in showing that negative value of information correlates with ambiguity aversion. This highlights the importance of counseling for decision-making under uncertainty.
EP  - 28
TI  - A Test of Information Aversion
Y1  - 2020/04//
UR  - https://archiv.ub.uni-heidelberg.de/volltextserver/28244/
AV  - public
T3  - Discussion Paper Series / University of Heidelberg, Department of Economics
CY  - Heidelberg
A1  - Kops, Christopher
A1  - Pasichnichenko, Illia
ER  -