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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 - UR1 - Université de Rennes 1 - UNIV-RENNES - 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])

  • Alexis Belianin

    (National Research University Higher School of Economics [Moscow])

  • Lubomír Cingl

    (University of Economics [Prague])

  • Amit Kothiyal

    (Max Planck Institute for Human Development (Berlin))

  • Peter Martinsson

    (GU - University of Gothenburg , LIU - Linköping University)

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 probabilities for 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 & Alexis Belianin & Lubomír Cingl & Amit Kothiyal & Peter Martinsson, 2017. "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
    Note: View the original document on HAL open archive server: https://halshs.archives-ouvertes.fr/halshs-01614666
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