Preference Reversals for Ambiguity Aversion

• 成果类型: Article
• 署名作者: Trautmann, Stefan T.; Vieider, Ferdinand M.; Wakker, Peter P.
• 署名单位: Tilburg University; Tilburg University; University of Munich; Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam
• 刊物名称: MANAGEMENT SCIENCE
• ISSN/ISSBN: 0025-1909
• DOI: 10.1287/mnsc.1110.1343
• 发表日期: 2011
• 页码: 1320-1333
• 关键词: Ambiguity aversion; Preference reversal; loss aversion; choice versus valuation

摘要

T his paper finds preference reversals in measurements of ambiguity aversion, even if psychological and informational circumstances are kept constant. The reversals are of a fundamentally different nature than the reversals found before because they cannot be explained by context-dependent weightings of attributes. We offer an explanation based on Sugden's random-reference theory, with different elicitation methods generating different random reference points. Then measurements of ambiguity aversion that use willingness to pay are confounded by loss aversion and hence overestimate ambiguity aversion.