A Test of Information Aversion (ICPSR doi:10.11588/data/G0RNAZ)

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Part 1: Document Description
Part 2: Study Description
Part 3: Data Files Description
Part 4: Variable Description
Part 5: Other Study-Related Materials
Entire Codebook

Document Description

Citation

Title:

A Test of Information Aversion

Identification Number:

doi:10.11588/data/G0RNAZ

Distributor:

heiDATA

Date of Distribution:

2020-04-16

Version:

1

Bibliographic Citation:

Kops, Christopher; Pasichnichenko, Illia, 2020, "A Test of Information Aversion", https://doi.org/10.11588/data/G0RNAZ, heiDATA, V1, UNF:6:GkvwqL6qHXH4RRvkp1xJWA== [fileUNF]

Study Description

Citation

Title:

A Test of Information Aversion

Identification Number:

doi:10.11588/data/G0RNAZ

Authoring Entity:

Kops, Christopher (Alfred-Weber-Institute of Economics, Heidelberg University, Heidelberg, Germany)

Pasichnichenko, Illia (Alfred-Weber-Institute of Economics, Heidelberg University, Heidelberg, Germany)

Distributor:

heiDATA

Date of Distribution:

2020-04-16

Study Scope

Keywords:

Social Sciences, value of information

Abstract:

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.

Methodology and Processing

File Description--f3387

File: voi-data-raw.tab

  • Number of cases: 117

  • No. of variables per record: 23

  • Type of File: text/tab-separated-values

Notes:

UNF:6:GkvwqL6qHXH4RRvkp1xJWA==

Variable Description

List of Variables:

Variables

SUBJECT

f3387 Location:

Summary Statistics: Mean 58.0; Min. 1.0; StDev 33.34166562526033; Valid 115.0; Max. 115.0

Variable Format: numeric

Notes: UNF:6:Xlu6Nc7+uKku+Iu1R3BM5A==

SESSION

f3387 Location:

Summary Statistics: Mean 4.8000000000000025; StDev 2.18125989667488; Max. 9.0; Min. 2.0; Valid 115.0;

Variable Format: numeric

Notes: UNF:6:1cqOwgIYDR3mx5yk4iPnQA==

SESSID

f3387 Location:

Summary Statistics: Mean 9.730434782608695; Min. 1.0; Max. 20.0; StDev 5.831435890597442; Valid 115.0;

Variable Format: numeric

Notes: UNF:6:z3WB5uYaBxa4rnkvpD2nHQ==

QUESTION1

f3387 Location:

Variable Format: character

Notes: UNF:6:wa4qD3WFjAYonLMIk39GuQ==

QUESTION2

f3387 Location:

Variable Format: character

Notes: UNF:6:wqHOWOXac89srh6+4jH6GQ==

QUESTION3

f3387 Location:

Variable Format: character

Notes: UNF:6:4iC/6kcB8KJVbNCiF5zfgg==

QUESTION4

f3387 Location:

Variable Format: character

Notes: UNF:6:2h9TRAgfkD8fv77AC5hD8A==

QUESTION5

f3387 Location:

Summary Statistics: StDev 0.4881509813832978; Max. 4.0; Mean 3.382608695652174; Valid 115.0; Min. 3.0

Variable Format: numeric

Notes: UNF:6:T+wkt962rF+Obbi3MWH8bg==

LIKING1

f3387 Location:

Summary Statistics: Max. 5.0; Min. 1.0; Mean 3.3391304347826085; StDev 1.0832614539317693; Valid 115.0

Variable Format: numeric

Notes: UNF:6:eu/vUEJcgRIwC+vO3FFY4g==

LIKING2

f3387 Location:

Summary Statistics: Min. 1.0; Valid 115.0; Mean 3.973913043478261; StDev 0.9315227070639467; Max. 5.0;

Variable Format: numeric

Notes: UNF:6:6oYsHyYtJnvo6TgVZtnPfg==

LIKING3

f3387 Location:

Summary Statistics: Min. 1.0; Mean 4.078260869565217; StDev 1.0441804146638916; Valid 115.0; Max. 5.0

Variable Format: numeric

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LIKING4

f3387 Location:

Summary Statistics: Mean 3.217391304347826; Min. 1.0; StDev 1.0824161463867814; Max. 5.0; Valid 115.0;

Variable Format: numeric

Notes: UNF:6:4B7CwVqHr8dYTpLcoMbnnA==

LIKING5

f3387 Location:

Summary Statistics: Max. 5.0; Valid 115.0; Mean 3.8260869565217392; StDev 0.8404350331844891; Min. 2.0;

Variable Format: numeric

Notes: UNF:6:c+6OMsY+/1bGEq7808EuDA==

GREENK

f3387 Location:

Summary Statistics: Mean 10.252212389380531; Min. 5.0; StDev 1.863804545294227; Max. 16.0; Valid 113.0

Variable Format: numeric

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GREENM

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Summary Statistics: Mean 9.93362831858407; Max. 18.0; StDev 2.5066914242350924; Valid 113.0; Min. 0.0;

Variable Format: numeric

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SEX

f3387 Location:

Variable Format: character

Notes: UNF:6:ny7j5swq6dIx+gqptGdPUA==

AGE

f3387 Location:

Summary Statistics: Valid 115.0; StDev 5.533518969802904; Max. 67.0; Mean 23.234782608695653; Min. 18.0;

Variable Format: numeric

Notes: UNF:6:sBfT1PsSUqugolpo4cQ72Q==

FIELD

f3387 Location:

Variable Format: character

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STATCLASS

f3387 Location:

Summary Statistics: Max. 1.0; StDev 0.5017133117025978; Min. 0.0; Mean 0.47826086956521746; Valid 115.0

Variable Format: numeric

Notes: UNF:6:rlI0SjdMWOMb15bDuXxq5w==

RIGHT

f3387 Location:

Summary Statistics: Min. 1.0; Max. 4.0; StDev 0.7891329038211563; Valid 115.0; Mean 2.2086956521739127

Variable Format: numeric

Notes: UNF:6:+31sBayn8auUdHrgRP22xg==

RELIGIOUS

f3387 Location:

Summary Statistics: StDev 0.44691841070634786; Max. 1.0; Mean 0.2719298245614035; Valid 114.0; Min. 0.0;

Variable Format: numeric

Notes: UNF:6:jwNagU1+dZKxOtoAskTXpA==

GAMES

f3387 Location:

Variable Format: character

Notes: UNF:6:e+PQJBJoEp8LL0lhbLURmw==

W

f3387 Location:

Summary Statistics: StDev NaN; Max. NaN; Mean NaN; Min. NaN; Valid 0.0;

Variable Format: numeric

Notes: UNF:6:1tXT2Z4Y3BRcwomYz++Ucg==

Other Study-Related Materials

Label:

analysis.R

Notes:

type/x-r-syntax

Other Study-Related Materials

Label:

corstars.R

Notes:

type/x-r-syntax

Other Study-Related Materials

Label:

instructions, decision sheet, questionnaire.pdf

Notes:

application/pdf