An experimental investigation of imprecision attitude and its relation with risk attitude and impatience

We report in this article the result of three experiments on risk, ambiguity, and time attitude. The first two differed by the population considered (students vs. general population) while the third one used a different protocol and concerned students and portfolio managers. We find quite a lot of heterogeneity at the individual level. Of principal interest was the elicitation of risk, time, and ambiguity attitudes and the relationship among these (model free) measures. We find that on the student population, there is essentially no correlation. A non-negligible fraction of the population behaves in an extremely cautious manner in the risk and ambiguity domain. When we drop this population from the sample, the correlation between our measures is also non-significant. We also raise three questions linked to measurement of ambiguity attitudes that come out from our data sets.     

Are beliefs a matter of taste? A case for objective imprecise information

We argue, in the spirit of some of Jean-Yves Jaffray’s work, that explicitly incorporating the information, however imprecise, available to the decision maker is relevant, feasible, and fruitful. In particular, we show that it can lead us to know whether the decision maker has wrong beliefs and whether it matters or not, that it makes it possible to better model and analyze how the decision maker takes into account new information, even when this information is not an event and finally that it is crucial when attempting to identify and measure the decision maker’s attitude toward imprecise information.     

Cost-benefit analysis in social care for elderly people

Social care at home for elderly people is now growing rapidly in France. A new question is, What are better forms of care for the different partners concerned? The research presented here, and made for the Comity of Lille Employment Area with cooperation of the Caisse Primaire d'Assurance Maladiede Lille (the local board of the national social security system), offers some answers to that question. Ceteris paribus, cultural activities-in a group or at home-versus others appear to produce more interest for elderly, professional caregivers, and the rest of society.