Ambiguity aversion is not universal [Dataset] (ICPSR doi:10.11588/data/BU56YA)

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Document Description

Citation

Title:

Ambiguity aversion is not universal [Dataset]

Identification Number:

doi:10.11588/data/BU56YA

Distributor:

heiDATA

Date of Distribution:

2017-12-19

Version:

1

Bibliographic Citation:

Kocher, Martin G.; Lahno, Amrei Marie; Trautmann,Stefan T., 2017, "Ambiguity aversion is not universal [Dataset]", https://doi.org/10.11588/data/BU56YA, heiDATA, V1

Study Description

Citation

Title:

Ambiguity aversion is not universal [Dataset]

Identification Number:

doi:10.11588/data/BU56YA

Authoring Entity:

Kocher, Martin G. (Institute for Advanced Studies, Vienna, Austria; University of Munich, Munich, Germany; University of Gothenburg, Gothenburg, Sweden )

Lahno, Amrei Marie (University of Munich, Munich, Germany)

Trautmann,Stefan T. (Alfred-Weber-Institute of Economics, University of Heidelberg, Heidelberg, Germany)

Grant Number:

TR 1405/1-1

Distributor:

heiDATA

Date of Distribution:

2017-12-19

Study Scope

Keywords:

Social Sciences, Ambiguity aversion, Decision under uncertainty, Ellsberg experiments

Topic Classification:

C91, D81

Abstract:

Assuming universal ambiguity aversion, an extensive theoretical literature studies how ambiguity can account for market anomalies from the perspective of expected utility-based theories. We provide a systematic experimental assessment of ambiguity attitudes in different likelihood ranges, and in the gain domain, the loss domain and with mixed outcomes. We draw on a unified framework to elicit preferences across these domains. We replicate the usual finding of ambiguity aversion for moderate likelihood gains. However, when introducing losses or lower likelihoods, we observe predominantly ambiguity neutrality or seeking, rejecting universal ambiguity aversion.

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