Randomization devices and the elicitation of ambiguity-averse preferences

DOI10.1016/j.jet.2015.05.017zbMath1330.91086OpenAlexW616273424MaRDI QIDQ900418

Sophie Bade

Publication date: 22 December 2015

Published in: Journal of Economic Theory (Search for Journal in Brave)

Full work available at URL: https://doi.org/10.1016/j.jet.2015.05.017

zbMATH Keywords

hedgingexperimentsambiguity aversionrandom incentive mechanisms

Mathematics Subject Classification ID

Decision theory (91B06) Auctions, bargaining, bidding and selling, and other market models (91B26)

Related Items (19)

Randomization and dynamic consistency ⋮ Ambiguity attitudes, framing, and consistency ⋮ Estimating ambiguity aversion in a portfolio choice experiment ⋮ Testing constant absolute and relative ambiguity aversion ⋮ Revealed preferences under uncertainty: incomplete preferences and preferences for randomization ⋮ Ellsberg meets Keynes at an urn ⋮ Testing negative value of information and ambiguity aversion ⋮ Ambiguous information and dilation: an experiment ⋮ A test of (weak) certainty independence ⋮ Social and strategic ambiguity versus betrayal aversion ⋮ ZOOMING IN ON AMBIGUITY ATTITUDES ⋮ Ellsberg games ⋮ Mixed strategies and preference for randomization in games with ambiguity averse agents ⋮ Abraham Wald's complete class theorem and Knightian uncertainty ⋮ Hedging, ambiguity, and the reversal of order axiom ⋮ Belief hedges: Measuring ambiguity for all events and all models ⋮ Comparing ambiguous urns with different sizes ⋮ A general theory of subjective mixtures ⋮ Reacting to ambiguous messages: an experimental analysis

Cites Work

• Uncertainty averse preferences
• Maxmin expected utility with non-unique prior
• Recent developments in modeling preferences: Uncertainty and ambiguity
• Recursive multiple-priors.
• Unintended hedging in ambiguity experiments
• Subjective Probability and Expected Utility without Additivity
• Estimating ambiguity aversion in a portfolio choice experiment
• "Preference Reversal" and the Observability of Preferences by Experimental Methods
• A Smooth Model of Decision Making under Ambiguity
• Ellsberg Revisited: An Experimental Study
• Stochastically independent randomization and uncertain aversion

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