Ambiguity aversion is not universal
Ambiguity aversion is not universal
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DOI：
10.1016/j.euroecorev.2017.09.016
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发表时间：
2018-01-01
影响因子：
2.8
通讯作者：
Trautmann, Stefan T.
中科院分区：
文献类型：
--
作者：
Kocher, Martin G.;Lahno, Amrei Marie;Trautmann, Stefan T.
假设普遍的歧义厌恶，广泛的理论文献研究了歧义如何从预期的基于公用事业的理论的角度来解释市场异常。我们对不同可能性范围以及增益域，损耗领域和混合结果的歧义态度进行系统的实验评估。我们利用一个统一的框架来引起这些领域的偏好。我们复制了对中等可能性收益的通常发现歧义厌恶的发现。但是，当引入损失或较低的似然性时，我们主要观察到歧义中立或寻求，拒绝普遍的歧义厌恶。 （c）2017 Elsevier B.V.保留所有权利。
Assuming universal ambiguity aversion, an extensive theoretical literature studies how ambiguity can account for market anomalies from the perspective of expected utility-based theories. We provide a systematic experimental assessment of ambiguity attitudes in different likelihood ranges, and in the gain domain, the loss domain and with mixed outcomes. We draw on a unified framework to elicit preferences across these domains. We replicate the usual finding of ambiguity aversion for moderate likelihood gains. However, when introducing losses or lower likelihoods, we observe predominantly ambiguity neutrality or seeking, rejecting universal ambiguity aversion. (C) 2017 Elsevier B.V. All rights reserved.