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Comparative Ignorance and the Ellsberg Paradox

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Author Info
 Chow, Clare Chua
Sarin, Rakesh K
Abstract

We investigate the evaluation of known (where probability is known) and unknown (where probability is unknown) bets in comparative and non-comparative contexts. A series of experiments support the finding that ambiguity avoidance persists in both comparative and non-comparative conditions. The price difference between known and unknown bets is, however, larger in a comparative evaluation than in separate evaluation. Our results are consistent with Fox and Tversky's (1995) Comparative Ignorance Hypothesis, but we find that the strong result obtained by Fox and Tversky is more fragile and the complete disappearance of ambiguity aversion in non-comparative condition may not be as robust as Fox and Tversky had supposed. Copyright 2001 by Kluwer Academic Publishers

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Article provided by Springer in its journal Journal of Risk and Uncertainty.

Volume (Year): 22 (2001)
Issue (Month): 2 (March)
Pages: 129-39
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Handle: RePEc:kap:jrisku:v:22:y:2001:i:2:p:129-39

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  1. Goldberg, Isabell & Roosen, Jutta & Nayga, Rodolfo M., Jr., 2006. "Parental Response to Health Risk Information: A Lab Experiment on Evaluating Willingness-to-Pay for Safer Infant Milk Formula," 2006 Annual Meeting, August 12-18, 2006, Queensland, Australia 25672, International Association of Agricultural Economists. [Downloadable!]
  2. Mercè Roca & Robin Hogarth & A. Maule, 2006. "Ambiguity seeking as a result of the status quo bias," Journal of Risk and Uncertainty, Springer, vol. 32(3), pages 175-194, May. [Downloadable!] (restricted)
  3. Isabell Goldberg & Jutta Roosen & Rodolfo M. Nayga, 2009. "Parental response to health risk information: experimental results on willingness-to-pay for safer infant milk formula," Health Economics, John Wiley & Sons, Ltd., vol. 18(5), pages 503-518. [Downloadable!]
  4. Mercè Roca & Robin Hogarth & A. John Maule, 2005. "Ambiguity Seeking as a Result of the Status Quo Bias," Economics Working Papers 882, Department of Economics and Business, Universitat Pompeu Fabra, revised Jun 2006. [Downloadable!]
  5. Stefan Trautmann & Ferdinand Vieider & Peter Wakker, 2008. "Causes of ambiguity aversion: Known versus unknown preferences," Journal of Risk and Uncertainty, Springer, vol. 36(3), pages 225-243, June. [Downloadable!] (restricted)
  6. Mary Riddel & W. Shaw, 2006. "A theoretically-consistent empirical model of non-expected utility: An application to nuclear-waste transport," Journal of Risk and Uncertainty, Springer, vol. 32(2), pages 131-150, March. [Downloadable!] (restricted)
  7. L. Robin Keller & Rakesh K. Sarin & Jayavel Sounderpandian, 2007. "An examination of ambiguity aversion: Are two heads better than one?," Judgment and Decision Making, Society for Judgment and Decision Making, vol. 2, pages 390-397, December. [Downloadable!]
  8. Matthias Gysler & Jamie Kruse & Renate Schubert, 2002. "Ambiguity and Gender Differences in Financial Decision Making: An Experimental Examination of Competence and Confidence Effects," CER-ETH Economics working paper series 02/23, CER-ETH - Center of Economic Research (CER-ETH) at ETH Zurich. [Downloadable!]
  9. Marcus Berliant & Hideo Konishi, 2005. "Salience: Agenda choices by competing candidates," Public Choice, Springer, vol. 125(1), pages 129-149, July. [Downloadable!] (restricted)
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