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Measuring Ambiguity Aversion: A Systematic Experimental Approach
(2014-06-20)
This paper provides a systematic analysis of individual attitudes towards ambiguity, based on laboratory experiments. The design of the analysis allows to capture individual behavior across various levels of ambiguity, ...
A Life-Cycle Model with Ambiguous Survival Beliefs
(2015-10-02)
Based on a cognitive notion of neo-additive capacities reflecting likelihood insensitivity with respect to survival chances, we construct a Choquet Bayesian learning model over the life-cycle that generates a motivational ...
The Impact of Biases in Survival Beliefs on Savings Behavior
(2017-03-24)
"On average young people ""undersave"" whereas old people ""oversave"" with respect to the rational expectations model of life-cycle consumption and savings. According to numerous studies on subjective survival beliefs, ...
Belief Formation and Belief Updating under Ambiguity: Evidence from Experiments
(2019-09-21)
Decisions under ambiguity depend on both the belief regarding possible scenarios and the attitude towards ambiguity. This paper exclusively focuses on beliefs, measured independent from attitudes. We use laboratory experiments ...
Ambiguity and Investor Behavior
(2020-11-24)
We relate time-varying aggregate ambiguity (V-VSTOXX) to individual investor trading. We use the trading records of more than 100,000 individual investors from a large German online brokerage from March 2010 to December ...
Separating the Effects of Beliefs and Attitudes on Pricing under Ambiguity
(2021-03-10)
The pricing of an ambiguous asset, whose cash flow stream is uncertain, may be affected by three factors: the belief regarding the realization likelihood of cash flows, the subjective attitude towards risk, and the attitude ...
HRS
The University of Michigan Health and Retirement Study (HRS) is a longitudinal panel study that surveys a representative sample of approximately 20,000 people in America, supported by the National Institute on Aging (NIA ...
STOXX Limited
STOXX Limited is a Swiss globally integrated index provider, covering the world markets across all asset classes – developing, maintaining, distributing and marketing a comprehensive global family of strictly rules-based ...
FLEX311_LW_2021
In the experiments, the ambiguous environment is operationalized by an urn. Subjects participating in the experiments are told that the urn contains in total 100 balls, and that each ball is either a white ball or a black ...
FLEX
FLEX – the Frankfurt Laboratory for Experimental Economic Research is a research center at the Faculty of Economics and Business at Goethe University in Frankfurt.