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A tale of two ambiguities: A conceptual overview of findings from economics and psychology

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  • Milos Borozan

    (Center for Advanced Studies and Technologies (C.A.S.T.) and Department of Neuroscience, Imaging e Clinical Sciences (DNISC), d'Annunzio University of Chieti-Pescara)

  • Loreta Cannito

    (Center for Advanced Studies and Technologies (C.A.S.T.) and Department of Psychological Sciences, Health and Territory (DiSpuTer), d'Annunzio University of Chieti-Pescara)

  • Barbara Luppi

    (Department of Economics Marco Biagi, University of Modena and Reggio Emilia)

Abstract

Ambiguity seems to be ... an ambiguous concept. While it has received attention from researchers from many disciplines, scientists from different backgrounds have put forward divergent, often vague and contrasting definitions of ambiguity. This conceptual impasse has somewhat obstructed cross-fertilization of insights across disciplines and has slowed the convergence of the results. Here, we examine the literature from economics and psychology, trace a map of intellectual knowledge on ambiguity in both disciplines and highlight open questions. Finally, we discuss some recent theoretical developments that could offer a unifying frame of reference for the study of ambiguity.

Suggested Citation

  • Milos Borozan & Loreta Cannito & Barbara Luppi, 2022. "A tale of two ambiguities: A conceptual overview of findings from economics and psychology," Journal of Behavioral Economics for Policy, Society for the Advancement of Behavioral Economics (SABE), vol. 6(S1), pages 11-21, July.
    • Handle: RePEc:beh:jbepv1:v:6:y:2022:i:s1:p:11-21
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    References listed on IDEAS

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    More about this item

    Keywords

    ambiguity; uncertainty; ambiguity aversion; ambiguity intolerance;
    All these keywords.

    JEL classification:

    • D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making

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