G2TT
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
URLhttps://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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