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Social Exchange and Risk and Ambiguity Preferences

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  • John Engle
  • Jim Engle-Warnick

    ()

  • Sonia Laszlo

    ()

Abstract

We present an experiment in which we test for the effect of participating in a social exchange exercise on revealed risk and ambiguity preferences. In our experiments, subjects make choices over lotteries that reveal their risk and ambiguity preferences. They then participate with a small group in an unstructured on-line chat. After the chat, they reconsider their choices in the risk and ambiguity instruments. In a control session, different subjects view, but do not participate in, past chats. Through a content analysis we investigate the role of chat content and chat participation on changes in revealed preferences. We compare our results to the “Discovered Preferences Hypothesis” (Plott, 1996) and “Fact-Free Learning” (Aragones, Gilboa, Postlewaite, and Schmeidler, 2005). Nous présentons une expérience en laboratoire dans laquelle nous testons l'effet de participer à un exercice d'échange social sur l'aversion au risque et à l'ambiguïté. Dans notre expérience, les participants jouent à une loterie où ils révèlent leurs préférences face au risque et à l'ambiguïté. Ils participent ensuite à une discussion de groupe déstructurée dans une salle de causette. Après la discussion, les participants peuvent reconsidérer leurs choix dans les instruments de risque et d'ambiguïté. Cependant, dans une session contrôle, d'autres participants observent, sans y participer, une discussion d'une session antérieure. Une analyse de contenu nous informe sur le rôle du contenu de la discussion et de la participation elle-même sur le changement des préférences révélées. Nous comparons nos résultats aux hypothèses de « Discovered Preferences » (Plott, 1996) et de « Fact-Free Learning » (Aragones, Gilboa, Postlewaite, and Schmeidler, 2005).

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Bibliographic Info

Paper provided by CIRANO in its series CIRANO Working Papers with number 2011s-46.

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Date of creation: 01 May 2011
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Handle: RePEc:cir:cirwor:2011s-46

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Related research

Keywords: Risk and ambiguity preference measurement instruments; experimental economics; development economics; participatory development; social learning.; Instruments de mesure de la préférence vis-à-vis le risque et l'ambiguïté; économie expérimentale; développement économique; développement participatif; apprentissage social;

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Cited by:
  1. Keck, Steffen & Diecidue, Enrico & Budescu, David V., 2014. "Group decisions under ambiguity: Convergence to neutrality," Journal of Economic Behavior & Organization, Elsevier, vol. 103(C), pages 60-71.

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