Eliciting Ambiguity with Mixing Bets

• 成果类型: Article
• 署名作者: Schmidt, Patrick
• 署名单位: University of Zurich
• 刊物名称: AMERICAN ECONOMIC JOURNAL-MICROECONOMICS
• ISSN/ISSBN: 1945-7669
• DOI: 10.1257/mic.20220370
• 发表日期: 2025
• 页码: 354-388
• 关键词: expected utility; rich domain; perceived ambiguity; RISK; uncertainty; Heterogeneity; probability; CHOICE; MODEL; definition

摘要

Preferences for mixing can reveal ambiguity perception and attitude on a single event. The validity of the approach is discussed for multiple preference classes, including maxmin, maxmax, variational, and smooth second-order preferences. An experimental implementation suggests that participants perceive almost as much ambiguity for the stock index and actions of other participants as they do for the Ellsberg urn, indicating the importance of ambiguity in real-world decision-making. (JEL C72, D11, D12, D81)