The Effect of Communicating Ambiguous Risk Information on Choice
Decision makers are frequently confronted with ambiguous risk information about activities with potential hazards. This may be a result of conflicting risk estimates from multiple sources or ambiguous risk information from a single source. The paper considers processing ambiguous risk information and its effect on the behavior of a decision maker with a-maximin expected utility preferences. The effect of imprecise risk information on behavior is related to the content of information, the decision makerâ€™s trust in different sources of information, and his or her aversion to ambiguity.
Volume (Year): 36 (2011)
Issue (Month): 2 (August)
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