Randomization advice and ambiguity aversion
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arXiv
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| Auteurs principaux: | , , |
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| Format: | Preprint |
| Publié: |
2023
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| _version_ | 1866917732274929664 |
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| author | Kuzmics, Christoph Rogers, Brian W. Zhang, Xiannong |
| author_facet | Kuzmics, Christoph Rogers, Brian W. Zhang, Xiannong |
| contents | We design and implement lab experiments to evaluate the normative appeal of behavior arising from models of ambiguity-averse preferences. We report two main empirical findings. First, we demonstrate that behavior reflects an incomplete understanding of the problem, providing evidence that subjects do not act on the basis of preferences alone. Second, additional clarification of the decision making environment pushes subjects' choices in the direction of ambiguity aversion models, regardless of whether or not the choices are also consistent with subjective expected utility, supporting the position that subjects find such behavior normatively appealing. |
| format | Preprint |
| id |
arxiv_https___arxiv_org_abs_2301_03304 |
| institution | arXiv |
| publishDate | 2023 |
| record_format | arxiv |
| spellingShingle | Randomization advice and ambiguity aversion Kuzmics, Christoph Rogers, Brian W. Zhang, Xiannong Theoretical Economics We design and implement lab experiments to evaluate the normative appeal of behavior arising from models of ambiguity-averse preferences. We report two main empirical findings. First, we demonstrate that behavior reflects an incomplete understanding of the problem, providing evidence that subjects do not act on the basis of preferences alone. Second, additional clarification of the decision making environment pushes subjects' choices in the direction of ambiguity aversion models, regardless of whether or not the choices are also consistent with subjective expected utility, supporting the position that subjects find such behavior normatively appealing. |
| title | Randomization advice and ambiguity aversion |
| topic | Theoretical Economics |
| url | https://arxiv.org/abs/2301.03304 |