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Attitudes to Ambiguity in One-Shot Normal-Form Games: An Experimental Study

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  • Asen Ivanov

    ()
    (Department of Economics, VCU School of Business)

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    Abstract

    Based 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 Info

    Paper provided by VCU School of Business, Department of Economics in its series Working Papers with number 0902.

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    Date of creation: Aug 2009
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    Publication status: Forthcoming in Games and Economic Behavior
    Handle: RePEc:vcu:wpaper:0902

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    Keywords: games; experiments; beliefs; ambiguity; risk;

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    1. Epstein, Larry G & Wang, Tan, 1994. "Intertemporal Asset Pricing Under Knightian Uncertainty," Econometrica, Econometric Society, Econometric Society, vol. 62(2), pages 283-322, March.
    2. Aumann, Robert & Brandenburger, Adam, 1995. "Epistemic Conditions for Nash Equilibrium," Econometrica, Econometric Society, Econometric Society, vol. 63(5), pages 1161-80, September.
    3. Urs Fischbacher, 2007. "z-Tree: Zurich toolbox for ready-made economic experiments," Experimental Economics, Springer, Springer, vol. 10(2), pages 171-178, June.
    4. Levin, Dan & Ozdenoren, Emre, 2004. "Auctions with uncertain numbers of bidders," Journal of Economic Theory, Elsevier, Elsevier, vol. 118(2), pages 229-251, October.
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