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Ambiguity Attitudes of Individuals and Groups in Gain and Loss Domains

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  • Aljoscha Minnich
  • Andreas Lange

Abstract

This study measures the differences in ambiguity attitudes of groups and individuals in the gain and loss domain. We elicit the ambiguity attitudes and ambiguity-generated insensitivity for natural temperature events. We do not find significant differences between individuals and groups in our main sample, yet higher ambiguity aversion and ambiguity-generated insensitivity results for groups in the gain when constraining the sample to groups and individuals with a better understanding of the experiment. Moreover, the group effect on the ambiguity-generated insensitivity seems domain dependent.

Suggested Citation

  • Aljoscha Minnich & Andreas Lange, 2023. "Ambiguity Attitudes of Individuals and Groups in Gain and Loss Domains," CESifo Working Paper Series 10781, CESifo.
    • Handle: RePEc:ces:ceswps:_10781
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    More about this item

    Keywords

    ambiguity attitudes; group decision making; gain and loss domain;
    All these keywords.

    JEL classification:

    • C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior
    • C92 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Group Behavior
    • D70 - Microeconomics - - Analysis of Collective Decision-Making - - - General
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness

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