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Off the Charts: Massive Unexplained Heterogeneity in a Global Study of Ambiguity Attitudes

Author

Listed:
  • Olivier L’haridon

    (CREM - Centre de recherche en économie et management - UNICAEN - Université de Caen Normandie - NU - Normandie Université - UR - Université de Rennes - CNRS - Centre National de la Recherche Scientifique)

  • Ferdinand Vieider

    (Department of Economics, University of Reading)

  • Diego Aycinena

    (Universidad del Rosario - Facultad de Economia)

  • Agustinus Bandur

    (Bina Nusantara University [Jakarta])

Abstract

Ambiguity attitudes have been prominently used in economic models, but we still know little about their demographic correlates or their generalizability beyond the West. We analyse the ambiguity attitudes of almost 3000 students across 30 countries. For gains we find ambiguity aversion everywhere, while ambiguity aversion is much weaker for losses. Ambiguity attitudes change systematically with probabilitiesfor both gains and losses. Much of the between-country variation can be explained through a few macroeconomic characteristics. In contrast, we find massive unexplained variation at the individual level. We also find much unexplained heterogeneity in individual responses to different decision tasks.

Suggested Citation

  • Olivier L’haridon & Ferdinand Vieider & Diego Aycinena & Agustinus Bandur, 2018. "Off the Charts: Massive Unexplained Heterogeneity in a Global Study of Ambiguity Attitudes," Post-Print halshs-01614666, HAL.
    • Handle: RePEc:hal:journl:halshs-01614666
    DOI: 10.1162/REST_a_00724
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    Cited by:

    1. Yu Gao & Zhenxing Huang & Ning Liu & Jia Yang, 2024. "Are physicians rational under ambiguity?," Journal of Risk and Uncertainty, Springer, vol. 68(2), pages 183-203, April.
    2. Víctor González-Jiménez, 2021. "Incentive contracts when agents distort probabilities," Vienna Economics Papers vie2101, University of Vienna, Department of Economics.
    3. Biener, Christian & Landmann, Andreas & Santana, Maria Isabel, 2019. "Contract nonperformance risk and uncertainty in insurance markets," Journal of Public Economics, Elsevier, vol. 175(C), pages 65-83.
    4. Watanabe, Masahide & Fujimi, Toshio, 2022. "Ambiguity of scientific probability predictions and willingness-to-pay for climate change mitigation policies," Research in Economics, Elsevier, vol. 76(4), pages 386-402.
    5. Victor H. Gonzalez-Jimenez, 2019. "Contracting Probability Distortions," Vienna Economics Papers 1901, University of Vienna, Department of Economics.
    6. Ilke AYDOGAN & Loïc BERGER & Valentina BOSETTI, 2023. "Unraveling Ambiguity Aversion," Working Papers 2023-iRisk-01, IESEG School of Management.
    7. Baillon, Aurélien & Bleichrodt, Han & Li, Chen & Wakker, Peter P., 2021. "Belief hedges: Measuring ambiguity for all events and all models," Journal of Economic Theory, Elsevier, vol. 198(C).
    8. Carlsson, Fredrik & Lampi, Elina & Martinsson, Peter & Tu, Qin & Yang, Xiaojun, 2018. "Long-run effects of family policies: An experimental study of the Chinese one-child policy," Working Papers in Economics 732, University of Gothenburg, Department of Economics.
    9. Aljoscha Minnich & Hauke Roggenkamp & Andreas Lange, 2023. "Ambiguity Attitudes and Surprises: Experimental Evidence on Communicating New Information within a Large Population Sample," CESifo Working Paper Series 10783, CESifo.
    10. Victor H. Gonzalez-Jimenez, 2019. "Contracting Probability Distortions," Vienna Economics Papers vie1901, University of Vienna, Department of Economics.
    11. Víctor González-Jiménez, 2021. "Incentive contracts when agents distort probabilities," Vienna Economics Papers 2101, University of Vienna, Department of Economics.
    12. Masahide Watanabe & Toshio Fujimi, 2024. "Ambiguity attitudes toward natural and artificial sources in gain and loss domains," Journal of Risk and Uncertainty, Springer, vol. 68(1), pages 51-75, February.
    13. Ranoua Bouchouicha & Lachlan Deer & Ashraf Galal Eid & Peter McGee & Daniel Schoch & Hrvoje Stojic & Jolanda Ygosse-Battisti & Ferdinand M. Vieider, 2019. "Gender effects for loss aversion: Yes, no, maybe?," Journal of Risk and Uncertainty, Springer, vol. 59(2), pages 171-184, October.
    14. repec:hal:wpaper:hal-04071242 is not listed on IDEAS
    15. Ilke Aydogan & Loïc Berger & Valentina Bosetti, 2023. "Unraveling Ambiguity Aversion," Post-Print hal-04071242, HAL.
    16. Li, Chen & Turmunkh, Uyanga & Wakker, Peter P., 2020. "Social and strategic ambiguity versus betrayal aversion," Games and Economic Behavior, Elsevier, vol. 123(C), pages 272-287.

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