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Attitudes towards uncertainty and randomization: an experimental study

Individuals exhibit a randomization preference if they prefer random mixtures of two bets to each of the involved bets. Such preferences provide the foundation of various models of uncertainty aversion. However, it has to our knowledge not been empirically investigated whether uncertainty-averse dec...

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Bibliographische Detailangaben
1. Verfasser: Dominiak, Adam (VerfasserIn)
Weitere Verfasser: Schnedler, Wendelin (BerichterstatterIn)
Dokumenttyp: Book/Monograph Arbeitspapier
Sprache:Englisch
Veröffentlicht: Heidelberg Universitätsbibliothek der Universität Heidelberg December 21, 2009
Heidelberg University of Heidelberg, Department of Economics December 21, 2009
Schriftenreihe:Discussion paper series / Universität Heidelberg, Department of Economics no. 494
In: Discussion paper series (no. 494)

Schlagworte:
Arbeitspapier
Graue Literatur
Online-Zugang:Resolving-System, kostenfrei, Volltext: http://nbn-resolving.de/urn:nbn:de:bsz:16-opus-102037
Resolving-System, Volltext: http://hdl.handle.net/10419/127314
Verlag, Volltext: http://archiv.ub.uni-heidelberg.de/volltextserver/volltexte/2010/10203/pdf/Dominiak_Schnedler_2009_dp494.pdf
Volltext
Verfasserangaben:Adam Dominiak and Wendelin Schnedler

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520 |a Individuals exhibit a randomization preference if they prefer random mixtures of two bets to each of the involved bets. Such preferences provide the foundation of various models of uncertainty aversion. However, it has to our knowledge not been empirically investigated whether uncertainty-averse decision makers indeed exhibit such preferences. Here, we examine the relationship experimentally. We find that uncertainty aversion is not positively associated with randomization preferences. Moreover, we observe choices that are not consistent with the prevailing theories of uncertainty aversion: a non-negligible number of uncertain-averse subjects seem to dislike randomization. 
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