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1.
Carmela Di Mauro 《Theory and Decision》2008,64(2-3):301-331
Heath and Tversky (1991, Journal of Risk and Uncertainty 4:5–28) posed that reaction to ambiguity is driven by perceived competence. Competence effects may be inconsistent with ambiguity
aversion if betting on own judgement is preferred to betting on a chance event, because judgemental probabilities are more
ambiguous than chance events. This laboratory experiment analyses whether ambiguity affects prices and volumes in a double
auction market, and contrasts ambiguity aversion to competence effects. In order to test for the presence of competence effects,
in the experiment uncertainty is tied to the realisation of events about which the decision maker is more or less knowledgeable.
Two experiments are presented: in the first, knowledge is exogenous, whereas in the second the knowledge judgement is endogenous.
Market prices provide evidence in favour of the competence hypothesis only when competence is self-assessed. Comparable volumes
are observed in both experiments.
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2.
This paper experimentally investigates a preference condition for loss aversion in the framework of cumulative prospect theory (CPT). We propose the concepts of absolute and relative loss premiums in order to measure the extent of loss aversion and to derive notions of increasing, constant, and decreasing loss aversion. While in only one of the 28 choice situations analyzed loss neutrality and loss seeking can be rejected, about 51% of all choices are loss averse and, due to the large extent of loss aversion revealed by these choices, the average loss premium is positive for most choice situations. Female subjects exhibit both a more frequent occurrence and a larger extent of loss aversion. 相似文献
3.
Updating Subjective Risks in the Presence of Conflicting Information: An Application to Climate Change 总被引:3,自引:0,他引:3
Willingness to support public programs for risk management often depends on individual subjective risk perceptions in the face of uncertain science. As part of a larger study concerning climate change, we explore individual updated subjective risks as a function of individual priors, the nature of external information, and individual attributes. We examine several rival hypotheses about how subjective risks change in the face of new information (Bayesian updating, alarmist learning, and ambiguity aversion). The source and nature of external information, as well as its collective ambiguity, can have varying effects across the population, in terms of both expectations and uncertainty.JEL Classification D8, Q51, Q54 相似文献