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Eliciting ambiguity aversion in unknown and in compound lotteries: a smooth ambiguity model experimental study
16 references·16 citing·28 second hopsampled
Eliciting ambiguity aversion in unknown and in compound lotteries: a smooth ambiguity model experimental study (2014)Eliciting ambiguity aversion in unknown a…Individual Decision Making (2020)Individual Decision Makingz-Tree: Zurich toolbox for ready-made economic experiments (2007)z-Tree: Zurich toolbox for re…A Smooth Model of Decision Making under Ambiguity (2005)A Smooth Model of Decision Ma…Differentiating ambiguity and ambiguity attitude (2004)Differentiating ambiguity and…Risk Aversion and Incentive Effects (2002)Risk Aversion and Incentive E…The Handbook of experimental economics (1995)The Handbook of experimental …Recent developments in modeling preferences: Uncertainty and ambiguity (1992)Recent developments in modeli…Advances in prospect theory: Cumulative representation of uncertainty (1992)Advances in prospect theory: …Risk Aversion in the Small and in the Large (1976)Risk Aversion in the Small an…Measuring Utility by a Single-Response Sequential Method (1964) (1974)Measuring Utility by a Single…The Role of Securities in the Optimal Allocation of Risk-bearing (1973)The Role of Securities in the…The Role of Securities in the Optimal Allocation of Risk-bearing (1964)The Role of Securities in the…Risk Aversion in the Small and in the Large (1964)Risk Aversion in the Small an…Measuring utility by a single-response sequential method (1964)Measuring utility by a single…Risk, Ambiguity, and the Savage Axioms (1961)Risk, Ambiguity, and the Sava…Risk, Uncertainty and Profit (1921)Risk, Uncertainty and ProfitPreferences and Covid-19 vaccination intentions (2025)Preferences and Covid-19 vacc…The Ambiguity Box: A new tool to generate ambiguity in the lab (2024)The Ambiguity Box: A new tool…Are ambiguity preferences aligned with risk preferences? (2024)Are ambiguity preferences ali…Measuring and Disentangling Ambiguity and Confidence in the Lab (2019)Measuring and Disentangling A…Individual vs. group decision-making: an experiment on dynamic choice under risk and ambiguity (2019)Individual vs. group decision…Hedging, ambiguity, and the reversal of order axiom (2019)Hedging, ambiguity, and the r…Estimating uncertainty aversion using the source method in stylized tasks with varying degrees of uncertainty (2019)Estimating uncertainty aversi…Discriminating Between Models of Ambiguity Attitude: a Qualitative Test (2019)Discriminating Between Models…An experimental test of the under-annuitization puzzle with smooth ambiguity and charitable giving (2019)An experimental test of the u…The strength of sensitivity to ambiguity (2018)The strength of sensitivity t…The Identification of Attitudes towards Ambiguity and Risk from Asset Demand (2017)The Identification of Attitud…Lottery- and survey-based risk attitudes linked through a multichoice elicitation task (2017)Lottery- and survey-based ris…Comparing decisions under compound risk and ambiguity: The importance of cognitive skills (2016)Comparing decisions under com…Estimating ambiguity preferences and perceptions in multiple prior models: Evidence from the field (2015)Estimating ambiguity preferen…Comparing Decisions Under Compound Risk and Ambiguity: The Importance of Cognitive Skills (2015)Comparing Decisions Under Com…An experimental test of a search model under ambiguity (2015)An experimental test of a sea…Judgment under Uncertainty: Heuristics and Biases (1975)Prospect Theory: An Analysis of Decision under Risk (1979)Prospect theory: An analysis of decision under risk (1988)Loss Aversion in Riskless Choice: A Reference-Dependent Model (1991)Individual differences in reasoning: Implications for the rationality debate? (2000)A perspective on judgment and choice: Mapping bounded rationality. (2003)Collective Action and the Evolution of Social Norms (2000)ERC: A Theory of Equity, Reciprocity, and Competition (2000)Evolutionary games on graphs (2007)RISK, UNCERTAINTY, AND DIVERGENCE OF OPINION (1977)Entrepreneurial discovery and the competitive market process: an Austrian approach (2000)Gender Differences in Preferences (2009)The Framing of Decisions and the Psychology of Choice (1981)Measuring Trust* (2000)Field Experiments (2004)Are people conditionally cooperative? Evidence from a public goods experiment (2001)Altruistic punishment in humans (2002)Do Women Shy Away From Competition? Do Men Compete Too Much? (2007)Financial Intermediation and Delegated Monitoring (1984)Well-being : the foundations of hedonic psychology (1999)Portfolio Selection with Parameter and Model Uncertainty: A Multi-Prior Approach (2006)Risk Aversion in the Laboratory (2008)Sensitivity analysis: A review of recent advances (2015)Oxytocin increases trust in humans (2005)INDIVIDUAL RISK ATTITUDES: MEASUREMENT, DETERMINANTS, AND BEHAVIORAL CONSEQUENCES (2011)On the measurement of inequality (1970)THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.] (1975)The arbitrage theory of capital asset pricing (1976)
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References

  • 1992Advances in prospect theory: Cumulative representation of uncertainty15,457 cited
  • 1921Risk, Uncertainty and Profit9,962 cited
  • 2007z-Tree: Zurich toolbox for ready-made economic experiments9,517 cited
  • 1961Risk, Ambiguity, and the Savage Axioms7,892 cited
  • 2002Risk Aversion and Incentive Effects5,973 cited
  • 1964Risk Aversion in the Small and in the Large4,964 cited
  • 1976Risk Aversion in the Small and in the Large4,655 cited
  • 1995The Handbook of experimental economics3,678 cited
  • 1964Measuring utility by a single-response sequential method2,656 cited
  • 2005A Smooth Model of Decision Making under Ambiguity1,889 cited
  • 1992Recent developments in modeling preferences: Uncertainty and ambiguity1,795 cited
  • 1974Measuring Utility by a Single-Response Sequential Method (1964)1,540 cited
  • 1973The Role of Securities in the Optimal Allocation of Risk-bearing1,179 cited
  • 1964The Role of Securities in the Optimal Allocation of Risk-bearing1,172 cited
  • 2020Individual Decision Making991 cited
  • 2004Differentiating ambiguity and ambiguity attitude

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  • 2017Lottery- and survey-based risk attitudes linked through a multichoice elicitation task38 cited
  • 2019Discriminating Between Models of Ambiguity Attitude: a Qualitative Test35 cited
  • 2018The strength of sensitivity to ambiguity26 cited
  • 2025Preferences and Covid-19 vaccination intentions23 cited
  • 2019Hedging, ambiguity, and the reversal of order axiom18 cited
  • 2016Comparing decisions under compound risk and ambiguity: The importance of cognitive skills18 cited
  • 2019Individual vs. group decision-making: an experiment on dynamic choice under risk and ambiguity15 cited
  • 2019An experimental test of the under-annuitization puzzle with smooth ambiguity and charitable giving14 cited
  • 2015An experimental test of a search model under ambiguity12 cited
  • 2024Are ambiguity preferences aligned with risk preferences?10 cited
  • 2015Estimating ambiguity preferences and perceptions in multiple prior models: Evidence from the field6 cited
  • 2015Comparing Decisions Under Compound Risk and Ambiguity: The Importance of Cognitive Skills6 cited
  • 2024The Ambiguity Box: A new tool to generate ambiguity in the lab5 cited
  • 2019Measuring and Disentangling Ambiguity and Confidence in the Lab4 cited
  • 2017The Identification of Attitudes towards Ambiguity and Risk from Asset Demand3 cited
  • 2019Estimating uncertainty aversion using the source method in stylized tasks with varying degrees of uncertainty2 cited