Attitudes to Ambiguity in One-Shot Normal-Form Games: An Experimental Study
AbstractBased on an experiment in the lab, we classify behavior in one-shot normal-form games along three important dimensions. The first dimension, which is of main interest, is about whether subjects are ambiguity-loving, ambiguity-neutral, or ambiguity-averse. The second dimension is about whether subjects are risk-loving, risk-neutral, or risk-averse. The third dimension is about whether subjects are naive or strategic. Our main result is that, in our main treatment, 32/46/22 percent of subjects are classified as ambiguity-loving/ambiguity-neutral/ ambiguity-averse.
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Bibliographic InfoPaper provided by VCU School of Business, Department of Economics in its series Working Papers with number 0902.
Date of creation: Aug 2009
Date of revision:
Publication status: Forthcoming in Games and Economic Behavior
games; experiments; beliefs; ambiguity; risk;
Find related papers by JEL classification:
- C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
- C92 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Group Behavior
- C51 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Construction and Estimation
- D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
- D84 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Expectations; Speculations
This paper has been announced in the following NEP Reports:
- NEP-ALL-2009-08-16 (All new papers)
- NEP-CBE-2009-08-16 (Cognitive & Behavioural Economics)
- NEP-EXP-2009-08-16 (Experimental Economics)
- NEP-GTH-2009-08-16 (Game Theory)
- NEP-UPT-2009-08-16 (Utility Models & Prospect Theory)
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