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Measuring the Degree of Ambiguity about Probability: Experimental Evidence

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  • Andrea Morone

    ()

  • Ozlem Ozdemir

    ()

Abstract

Different from previous studies that use a best estimate, interval, or sets of probabilities, we represent the degree of ambiguity through levels of information provided to subjects. The willingness to pay is higher when more amount of information is provided.

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Bibliographic Info

Paper provided by Max Planck Institute of Economics, Strategic Interaction Group in its series Papers on Strategic Interaction with number 2005-40.

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Length: 8 pages
Date of creation: Nov 2005
Date of revision:
Handle: RePEc:esi:discus:2005-40

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Keywords: experiments; ambiguity; uncertainty; probability;

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  1. Hogarth, Robin M & Kunreuther, Howard, 1989. " Risk, Ambiguity, and Insurance," Journal of Risk and Uncertainty, Springer, vol. 2(1), pages 5-35, April.
  2. Carmela Di Mauro & Anna Maffioletti, 2001. "The Valuation of Insurance under Uncertainty: Does Information about Probability Matter?," The Geneva Risk and Insurance Review, Palgrave Macmillan, vol. 26(3), pages 195-224, December.
  3. Carmela Di Mauro & Anna Maffioletti, 2004. "Attitudes to risk and attitudes to uncertainty: experimental evidence," Applied Economics, Taylor and Francis Journals, vol. 36(4), pages 357-372.
  4. Highhouse, Scott, 1994. "A verbal protocol analysis of choice under ambiguity," Journal of Economic Psychology, Elsevier, vol. 15(4), pages 621-635, December.
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