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来源类型 | FEEM working papers "Note di lavoro" series |
规范类型 | 论文 |
Ellsberg Re-revisited: An Experiment Disentangling Model Uncertainty and Risk Aversion | |
Loic Berger; Valentina Bosetti | |
发表日期 | 2016 |
出处 | Mitigation, Innovation and Transformation Pathways |
出版年 | 2016 |
语种 | 英语 |
摘要 | The results of an experiment extending Ellsberg's setup demonstrate that attitudes towards ambiguity and compound uncertainty are closely related. However, this association is much stronger when the second layer of uncertainty is subjective than when it is objective. Provided that the compound probabilities are simple enough, we find that most subjects, consisting of both students and policy makers, (1) reduce compound objective probabilities, (2) do not reduce compound subjective probabilities, and (3) are ambiguity non-neutral. By decomposing ambiguity into risk and model uncertainty, and jointly eliciting the attitudes individuals manifest towards these two types of uncertainty, we characterize individuals' degree of ambiguity aversion. Our data provides evidence of decreasing absolute ambiguity aversion and constant relative ambiguity aversion. *** Suggested citation: Berger, L., V. Bosetti, (2016), 'Ellsberg Re-revisited: An Experiment Disentangling Model Uncertainty and Risk Aversion', Nota di Lavoro 37.2016, Milan, Italy: Fondazione Eni Enrico Mattei |
特色分类 | D81 |
关键词 | Ambiguity Aversion Model Uncertainty Reduction of Compound Lotteries Non-expected Utility Subjective Probabilities Decreasing Absolute Ambiguity Aversion |
URL | https://www.feem.it/en/publications/feem-working-papers-note-di-lavoro-series/ellsberg-re-revisited-an-experiment-disentangling-model-uncertainty-and-risk-aversion/ |
来源智库 | Fondazione Eni Enrico Mattei (Italy) |
资源类型 | 智库出版物 |
条目标识符 | http://119.78.100.153/handle/2XGU8XDN/118491 |
推荐引用方式 GB/T 7714 | Loic Berger,Valentina Bosetti. Ellsberg Re-revisited: An Experiment Disentangling Model Uncertainty and Risk Aversion. 2016. |
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文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
2016521223421Nota_di(71KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
2016521224394NDL2016(1318KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 |
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