Sampling experience reverses preferences for ambiguity

• Verfasst von: Ert, Eyal [VerfasserIn]
• Verfasst von: Trautmann, Stefan T. [VerfasserIn]
• Titel: Sampling experience reverses preferences for ambiguity
• Verf.angabe: Eyal Ert, Stefan T. Trautmann
• E-Jahr: 2014
• Jahr: 20 August 2014
• Umfang: 12 S.
• Teil: volume:49
• Teil: year:2014
• Teil: number:1
• Teil: pages:31-42
• Teil: extent:12
• Fussnoten: Gesehen am 010.05.2019
• Titel Quelle: Enthalten in: Journal of risk and uncertainty
• Ort Quelle: Dordrecht [u.a.] : Springer Science + Business Media B.V, 1988
• Jahr Quelle: 2014
• Band/Heft Quelle: 49(2014), 1, Seite 31-42
• ISSN Quelle: 1573-0476
• DOI: doi:10.1007/s11166-014-9197-9
• Datenträger: Online-Ressource
• Sprache: eng
• Bibliogr. Hinweis: Erscheint auch als : Druck-Ausgabe: Ert, Eyal: Sampling experience reverses preferences for ambiguity. - 2014
• Sach-SW: Ambiguity aversion
• Sach-SW: C91
• Sach-SW: D81
• Sach-SW: Decisions from experience
• Sach-SW: Probability estimates
• Sach-SW: Sampling
• K10plus-PPN: 1665166177

Abstract

People often need to choose between alternatives with known probabilities (risk) and alternatives with unknown probabilities (ambiguity). Such decisions are characterized by attitudes towards ambiguity, which are distinct from risk attitudes. Most studies of ambiguity attitudes have focused on the static case of single choice, where decision makers typically prefer risky over ambiguous prospects. However, in many situations, decision makers may be able to sample outcomes of an ambiguous alternative, allowing for inferences about its probabilities. The current paper finds that such sampling experience reverses the pattern of ambiguity attitude observed in the static case. This effect can only partly be explained by the updating of probabilistic beliefs, suggesting a direct effect of sampling on attitudes toward ambiguity.