The Ambiguity Triangle: Uncovering Fundamental Patterns of Behavior Under Uncertainty
Author
Abstract
Suggested Citation
Download full text from publisher
Other versions of this item:
- Daniel R. Burghart & Thomas Epper & Ernst Fehr, 2015. "The Ambiguity Triangle: Uncovering Fundamental Patterns of Behavior Under Uncertainty," CESifo Working Paper Series 5420, CESifo.
- Daniel R. Burghart & Thomas Epper & Ernst Fehr, 2015. "The ambiguity triangle: uncovering fundamental patterns of behavior under uncertainty," ECON - Working Papers 196, Department of Economics - University of Zurich.
References listed on IDEAS
- Johanna Etner & Meglena Jeleva & Jean‐Marc Tallon, 2012.
"Decision Theory Under Ambiguity,"
Journal of Economic Surveys, Wiley Blackwell, vol. 26(2), pages 234-270, April.
- Johanna Etner & Meglena Jeleva & Jean-Marc Tallon, 2009. "Decision theory under uncertainty," Post-Print halshs-00429573, HAL.
- Johanna Etner & Meglena Jeleva & Jean-Marc Tallon, 2009. "Decision theory under uncertainty," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00429573, HAL.
- Johanna Etner & Meglena Jeleva & Jean-Marc Tallon, 2012. "Decision theory under ambiguity," PSE-Ecole d'économie de Paris (Postprint) halshs-00643580, HAL.
- Johanna Etner & Meglena Jeleva & Jean-Marc Tallon, 2009. "Decision theory under uncertainty," Documents de travail du Centre d'Economie de la Sorbonne 09064, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne, revised Nov 2009.
- Johanna Etner & Meglena Jeleva & Jean-Marc Tallon, 2012. "Decision theory under ambiguity," Post-Print halshs-00643580, HAL.
- Johanna Etner & Meglena Jeleva & Jean-Marc Tallon, 2012. "Decision theory under ambiguity," PSE - Labex "OSE-Ouvrir la Science Economique" halshs-00643580, HAL.
- Johanna Etner & Meglena Jeleva & Jean-Marc Tallon, 2012. "Decision theory under ambiguity," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00643580, HAL.
- John D. Hey & Noemi Pace, 2018.
"The explanatory and predictive power of non two-stage-probability theories of decision making under ambiguity,"
World Scientific Book Chapters, in: Experiments in Economics Decision Making and Markets, chapter 6, pages 139-167,
World Scientific Publishing Co. Pte. Ltd..
- John Hey & Noemi Pace, 2014. "The explanatory and predictive power of non two-stage-probability theories of decision making under ambiguity," Journal of Risk and Uncertainty, Springer, vol. 49(1), pages 1-29, August.
- John D Hey & Noemi Pace, "undated". "The Explanatory and Predictive Power of Non Two-Stage-Probability Theories of Decision Making Under Ambiguity," Discussion Papers 11/22, Department of Economics, University of York.
- Noemi Pace & John D Hey, 2011. "The Explanatory and Predictive Power of Non Two-Stage-Probability Theories of Decision Making Under Ambiguity," Working Papers 2011_12, Department of Economics, University of Venice "Ca' Foscari".
- Daniel Houser & Michael Keane & Kevin McCabe, 2004.
"Behavior in a Dynamic Decision Problem: An Analysis of Experimental Evidence Using a Bayesian Type Classification Algorithm,"
Econometrica, Econometric Society, vol. 72(3), pages 781-822, May.
- Daniel Houser & Michael Keane & Kevin McCabe, 2002. "Behavior in a dynamic decision problem: An analysis of experimental evidence using a bayesian type classification algorithm," Experimental 0211001, University Library of Munich, Germany.
- Mohammed Abdellaoui & Aurelien Baillon & Laetitia Placido & Peter P. Wakker, 2011.
"The Rich Domain of Uncertainty: Source Functions and Their Experimental Implementation,"
American Economic Review, American Economic Association, vol. 101(2), pages 695-723, April.
- Mohammed Abdellaoui & Laetitia Placido & Aurélien Baillon & P.P. Wakker, 2011. "The Rich Domain of Uncertainty: Source Functions and Their Experimental Implementation," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-00609214, HAL.
- Mohammed Abdellaoui & Laetitia Placido & Aurélien Baillon & P.P. Wakker, 2011. "The Rich Domain of Uncertainty: Source Functions and Their Experimental Implementation," Post-Print hal-00609214, HAL.
- Daniel R. Burghart, 2020.
"The two faces of independence: betweenness and homotheticity,"
Theory and Decision, Springer, vol. 88(4), pages 567-593, May.
- Daniel R. Burghart & Thomas Epper & Ernst Fehr, 2014. "The two faces of independence: betweenness and homotheticity," ECON - Working Papers 179, Department of Economics - University of Zurich.
- David S. Ahn, 2008. "Ambiguity Without a State Space," Review of Economic Studies, Oxford University Press, vol. 75(1), pages 3-28.
- Anna Conte & John D. Hey & Peter G. Moffatt, 2018.
"Mixture models of choice under risk,"
World Scientific Book Chapters, in: Experiments in Economics Decision Making and Markets, chapter 1, pages 3-12,
World Scientific Publishing Co. Pte. Ltd..
- Conte, Anna & Hey, John D. & Moffatt, Peter G., 2011. "Mixture models of choice under risk," Journal of Econometrics, Elsevier, vol. 162(1), pages 79-88, May.
- Anna Conte & John D Hey & Peter G Moffatt, 2007. "Mixture Models of Choice Under Risk," Discussion Papers 07/06, Department of Economics, University of York.
- John D. Hey & Gianna Lotito & Anna Maffioletti, 2018.
"The descriptive and predictive adequacy of theories of decision making under uncertainty/ambiguity,"
World Scientific Book Chapters, in: Experiments in Economics Decision Making and Markets, chapter 8, pages 189-219,
World Scientific Publishing Co. Pte. Ltd..
- John Hey & Gianna Lotito & Anna Maffioletti, 2010. "The descriptive and predictive adequacy of theories of decision making under uncertainty/ambiguity," Journal of Risk and Uncertainty, Springer, vol. 41(2), pages 81-111, October.
- John D Hey & Gianna Lotito & Anna Maffioletti, 2008. "The Descriptive and Predictive Adequacy of Theories of Decision Making Under Uncertainty/Ambiguity," Discussion Papers 08/04, Department of Economics, University of York.
- Helga Fehr-Duda & Thomas Epper, 2012. "Probability and Risk: Foundations and Economic Implications of Probability-Dependent Risk Preferences," Annual Review of Economics, Annual Reviews, vol. 4(1), pages 567-593, July.
- Helga Fehr-Duda & Adrian Bruhin & Thomas Epper & Renate Schubert, 2010.
"Rationality on the rise: Why relative risk aversion increases with stake size,"
Journal of Risk and Uncertainty, Springer, vol. 40(2), pages 147-180, April.
- Helga Fehr-Duda & Adrian Bruhin & Thomas Epper & Renate Schubert, 2007. "Rationality on the Rise: Why Relative Risk Aversion Increases with Stake Size," SOI - Working Papers 0708, Socioeconomic Institute - University of Zurich, revised Feb 2008.
- Dumav, Martin & Stinchcombe, Maxwell B., 2014. "The von Neumann/Morgenstern approach to ambiguity," Center for Mathematical Economics Working Papers 480, Center for Mathematical Economics, Bielefeld University.
- Yoram Halevy, 2007.
"Ellsberg Revisited: An Experimental Study,"
Econometrica, Econometric Society, vol. 75(2), pages 503-536, March.
- Halevy, Yoram, 2005. "Ellsberg Revisited: an Experimental Study," Microeconomics.ca working papers halevy-05-07-26-11-51-13, Vancouver School of Economics, revised 25 Feb 2014.
- Dobbs, Ian M, 1991. "A Bayesian Approach to Decision-Making under Ambiguity," Economica, London School of Economics and Political Science, vol. 58(232), pages 417-440, November.
Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
Cited by:
- Konstantinos Georgalos, 2019. "An experimental test of the predictive power of dynamic ambiguity models," Journal of Risk and Uncertainty, Springer, vol. 59(1), pages 51-83, August.
- Konstantinos Georgalos, 2016. "Dynamic decision making under ambiguity," Working Papers 112111041, Lancaster University Management School, Economics Department.
- Burghart, Daniel R., 2018. "Maximum probabilities, information, and choice under uncertainty," Economics Letters, Elsevier, vol. 167(C), pages 43-47.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Daniel R. Burghart & Thomas Epper & Ernst Fehr, 2020. "The uncertainty triangle – Uncovering heterogeneity in attitudes towards uncertainty," Journal of Risk and Uncertainty, Springer, vol. 60(2), pages 125-156, April.
- Anna Conte & John D. Hey, 2018.
"Assessing multiple prior models of behaviour under ambiguity,"
World Scientific Book Chapters, in: Experiments in Economics Decision Making and Markets, chapter 7, pages 169-188,
World Scientific Publishing Co. Pte. Ltd..
- Anna Conte & John Hey, 2013. "Assessing multiple prior models of behaviour under ambiguity," Journal of Risk and Uncertainty, Springer, vol. 46(2), pages 113-132, April.
- Ana Conte & John D. Hey, 2011. "Assessing Multiple Prior Models of Behaviour under Ambiguity," Jena Economic Research Papers 2011-068, Friedrich-Schiller-University Jena.
- Anna Conte & John D. Hey, 2012. "Assessing Multiple Prior Models of Behaviour under Ambiguity," Discussion Papers 12/01, Department of Economics, University of York.
- Robin Cubitt & Gijs Kuilen & Sujoy Mukerji, 2018.
"The strength of sensitivity to ambiguity,"
Theory and Decision, Springer, vol. 85(3), pages 275-302, October.
- Robin Cubitt & Gijs van de Kuilen & Sujoy Mukerji, "undated". "The Strength of Sensitivity to Ambiguity," Working Papers 851, Queen Mary University of London, School of Economics and Finance.
- Robin Cubitt & Gijs van de Kuilen & Sujoy Mukerji, 2017. "The Strength of Sensitivity to Ambiguity," Working Papers 836, Queen Mary University of London, School of Economics and Finance.
- Konstantinos Georgalos, 2016. "Dynamic decision making under ambiguity," Working Papers 112111041, Lancaster University Management School, Economics Department.
- John D. Hey & Yudistira Permana & Nuttaporn Rochanahastin, 2018.
"When and how to satisfice: an experimental investigation,"
World Scientific Book Chapters, in: Experiments in Economics Decision Making and Markets, chapter 5, pages 121-137,
World Scientific Publishing Co. Pte. Ltd..
- John D. Hey & Yudistira Permana & Nuttaporn Rochanahastin, 2017. "When and how to satisfice: an experimental investigation," Theory and Decision, Springer, vol. 83(3), pages 337-353, October.
- Daniela Di Cagno & Daniela Grieco, 2019. "Measuring and Disentangling Ambiguity and Confidence in the Lab," Games, MDPI, Open Access Journal, vol. 10(1), pages 1-22, February.
- John D. Hey & Noemi Pace, 2018.
"The explanatory and predictive power of non two-stage-probability theories of decision making under ambiguity,"
World Scientific Book Chapters, in: Experiments in Economics Decision Making and Markets, chapter 6, pages 139-167,
World Scientific Publishing Co. Pte. Ltd..
- John Hey & Noemi Pace, 2014. "The explanatory and predictive power of non two-stage-probability theories of decision making under ambiguity," Journal of Risk and Uncertainty, Springer, vol. 49(1), pages 1-29, August.
- John D Hey & Noemi Pace, "undated". "The Explanatory and Predictive Power of Non Two-Stage-Probability Theories of Decision Making Under Ambiguity," Discussion Papers 11/22, Department of Economics, University of York.
- Noemi Pace & John D Hey, 2011. "The Explanatory and Predictive Power of Non Two-Stage-Probability Theories of Decision Making Under Ambiguity," Working Papers 2011_12, Department of Economics, University of Venice "Ca' Foscari".
- Sasha Prokosheva, 2014. "Comparing Decisions under Compound Risk and Ambiguity: The Importance of Cognitive Skills," CERGE-EI Working Papers wp525, The Center for Economic Research and Graduate Education - Economics Institute, Prague.
- Ferdinand Vieider, 2016. "Certainty Preference, Random Choice, and Loss Aversion: A Comment on "Violence and Risk Preference: Experimental Evidence from Afghanistan"," Economics Discussion Papers em-dp2016-06, Department of Economics, Reading University.
- Prokosheva, Sasha, 2016. "Comparing decisions under compound risk and ambiguity: The importance of cognitive skills," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 64(C), pages 94-105.
- Ken Binmore & Lisa Stewart & Alex Voorhoeve, 2012. "How much ambiguity aversion?," Journal of Risk and Uncertainty, Springer, vol. 45(3), pages 215-238, December.
- Giuseppe Attanasi & Christian Gollier & Aldo Montesano & Noemi Pace, 2014. "Eliciting ambiguity aversion in unknown and in compound lotteries: a smooth ambiguity model experimental study," Theory and Decision, Springer, vol. 77(4), pages 485-530, December.
- Konstantinos Georgalos, 2019. "An experimental test of the predictive power of dynamic ambiguity models," Journal of Risk and Uncertainty, Springer, vol. 59(1), pages 51-83, August.
- Luís Santos-Pinto & Adrian Bruhin & José Mata & Thomas Åstebro, 2015.
"Detecting heterogeneous risk attitudes with mixed gambles,"
Theory and Decision, Springer, vol. 79(4), pages 573-600, December.
- Astebro , Thomas & Santos-Pinto , Luís, 2014. "Detecting Heterogeneous Risk Attitudes with Mixed Gambles," HEC Research Papers Series 1042, HEC Paris.
- Amit Kothiyal & Vitalie Spinu & Peter Wakker, 2014. "An experimental test of prospect theory for predicting choice under ambiguity," Journal of Risk and Uncertainty, Springer, vol. 48(1), pages 1-17, February.
- Noemi Pace & Giuseppe Attanasi & Christian Gollier & Aldo Montesano, 2012.
"Eliciting ambiguity aversion in unknown and in compound lotteries: A KMM experimental approach,"
Working Papers
2012_23, Department of Economics, University of Venice "Ca' Foscari".
- Attanasi, Giuseppe & Gollier, Christian & Montesano, Aldo & Pace, Noémie, 2012. "Eliciting ambiguity aversion in unknown and in compound lotteries: A KMM experimental approach," LERNA Working Papers 12.21.378, LERNA, University of Toulouse.
- Attanasi, Giuseppe Marco & Gollier, Christian & Montesano, Aldo & Pace, Noémie, 2012. "Eliciting ambiguity aversion in unknown and in compound lotteries: A KMM experimental approach," TSE Working Papers 12-338, Toulouse School of Economics (TSE).
- Attanasi, Giuseppe Marco & Gollier, Christian & Montesano, Aldo & Pace, Noémie, 2012. "Eliciting ambiguity aversion in unknown and in compound lotteries: A KMM experimental approach," IDEI Working Papers 744, Institut d'Économie Industrielle (IDEI), Toulouse.
- Mark J. Machina, 2014. "Ambiguity Aversion with Three or More Outcomes," American Economic Review, American Economic Association, vol. 104(12), pages 3814-3840, December.
- Zhihua Li & Julia Müller & Peter P. Wakker & Tong V. Wang, 2018.
"The Rich Domain of Ambiguity Explored,"
Management Science, INFORMS, vol. 64(7), pages 3227-3240, July.
- Müller, Julia & Li, Zhihua & Wakker, Peter P. & Wang, Tong V., 2016. "The Rich Domain of Ambiguity Explored," VfS Annual Conference 2016 (Augsburg): Demographic Change 145734, Verein für Socialpolitik / German Economic Association.
- Oechssler, Jörg & Roomets, Alex, 2015.
"A test of mechanical ambiguity,"
Journal of Economic Behavior & Organization, Elsevier, vol. 119(C), pages 153-162.
- Oechssler, Jörg & Roomets, Alex, 2014. "A Test of Mechanical Ambiguity," Working Papers 0555, University of Heidelberg, Department of Economics.
- Loic Berger & Valentina Bosetti, 2016.
"Ellsberg re-revisited: An experiment disentangling model uncertainty and risk aversion,"
Working Papers
576, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
- Loic Berger & Valentina Bosetti, 2016. "Ellsberg Re-revisited: An Experiment Disentangling Model Uncertainty and Risk Aversion," Working Papers 2016.37, Fondazione Eni Enrico Mattei.
- Berger, Loic & Bosetti, Valentina, 2016. "Ellsberg Re-revisited: An Experiment Disentangling Model Uncertainty and Risk Aversion," MITP: Mitigation, Innovation and Transformation Pathways 236239, Fondazione Eni Enrico Mattei (FEEM).
More about this item
Keywords
uncertainty; risk preferences;JEL classification:
- D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
- C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior
NEP fields
This paper has been announced in the following NEP Reports:- NEP-CBE-2015-07-11 (Cognitive & Behavioural Economics)
- NEP-EXP-2015-07-11 (Experimental Economics)
- NEP-UPT-2015-07-11 (Utility Models & Prospect Theory)
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:iza:izadps:dp9150. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Holger Hinte). General contact details of provider: http://www.iza.org .
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.