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Off the Charts: Massive Unexplained Heterogeneity in a Global Study of Ambiguity Attitudes
Univ Rennes, France.
Univ Reading, England.
Univ Rosario, Argentina.
Bina Nusantara Univ, Indonesia.
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2018 (English)In: Review of Economics and Statistics, ISSN 0034-6535, E-ISSN 1530-9142, Vol. 100, no 4, p. 664-677Article in journal (Refereed) Published
Abstract [en]

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 analyze the ambiguity attitudes of almost 3,000 students across thirty 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.

Place, publisher, year, edition, pages
MIT PRESS , 2018. Vol. 100, no 4, p. 664-677
National Category
Economics
Identifiers
URN: urn:nbn:se:liu:diva-152635DOI: 10.1162/rest_a_00724ISI: 000448143200009OAI: oai:DiVA.org:liu-152635DiVA, id: diva2:1262070
Note

Funding Agencies|Excellence Initiative at the University of Munich; WZB Berlin Social Science Center; Institut Universitaire de France; Rennes Metropole District

Available from: 2018-11-09 Created: 2018-11-09 Last updated: 2018-11-09

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