HETEROGENEITY OF AMBIGUITY PREFERENCES

• 成果类型: Article
• 署名作者: Stahl, Dale O.
• 署名单位: University of Texas System; University of Texas Austin
• 刊物名称: REVIEW OF ECONOMICS AND STATISTICS
• ISSN/ISSBN: 0034-6535
• DOI: 10.1162/REST_a_00392
• 发表日期: 2014-10
• 页码: 609-617
• 关键词: Uncertainty aversion; decision-making; RISK; attitude

摘要

There is much interest in ambiguity-averse behavior under uncertainty, and many theories have been advanced to explain this. Empirical analyses of choices involving ambiguous options have typically used a representative agent model. We address the question of whether representative agent models are accurate approximations of reality or whether there is substantial heterogeneity in ambiguity preferences. In contrast to the representative agent model, we find that the vast majority of participants are not significantly ambiguity averse and that a significant proportion of participants are consistent with expected utility theory. This finding has important implications for the application of behavioral economics.