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Ambiguity, experience and unforeseen events in experimental finance

In: Handbook of Experimental Finance

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  • Stefan T. Trautmann

Abstract

This chapter discusses methodological issues in the design of experiments that study situations of severe uncertainty. We present situations of ambiguity where probabilities are unknown, ambiguity with natural sources of uncertainty, situations where decision makers have to learn about outcomes and likelihoods, and those where decision makers are confronted with rare and unforeseeable events. We discuss how the different concepts relate to each other, and how to implement them in controlled experimental finance contexts.

Suggested Citation

  • Stefan T. Trautmann, 2022. "Ambiguity, experience and unforeseen events in experimental finance," Chapters, in: Sascha Füllbrunn & Ernan Haruvy (ed.), Handbook of Experimental Finance, chapter 5, pages 54-63, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:20035_5
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    Keywords

    Economics and Finance;

    Statistics

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