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Stake effects on ambiguity attitudes for gains and losses
University of Reading, England.
Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences. University of Gothenburg, Sweden.
University of Gothenburg, Sweden; Ethiopian Dev Research Institute, Ethiopia.
University of Reading, England; WZB Berlin Social Science Centre, Germany.
2017 (English)In: Theory and Decision, ISSN 0040-5833, E-ISSN 1573-7187, Vol. 83, no 1, p. 19-35Article in journal (Refereed) Published
Abstract [en]

We test the effect of stake size on ambiguity attitudes. Compared to a baseline condition, we find subjects to bemore ambiguity seeking for small-probability gains and large-probability losses under high stakes. They are also more ambiguity averse for large-probability gains and small-probability losses. We trace these effects back to stake effects on decisions under risk (known probabilities) and uncertainty (unknown probabilities). For risk, we replicate previous findings. For uncertainty, we find an increase in probabilistic insensitivity under high stakes that is driven by increased uncertainty aversion for large-probability gains and for small-probability losses.

Place, publisher, year, edition, pages
SPRINGER , 2017. Vol. 83, no 1, p. 19-35
Keyword [en]
Monetary stakes; Ambiguity aversion; Risk attitudes
National Category
Economics
Identifiers
URN: urn:nbn:se:liu:diva-142190DOI: 10.1007/s11238-016-9585-5ISI: 000411976200002OAI: oai:DiVA.org:liu-142190DiVA, id: diva2:1151515
Note

Funding Agencies|University of Munich; Swedish Research Council; Ethiopian Development Research Institute

Available from: 2017-10-23 Created: 2017-10-23 Last updated: 2017-11-16

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CiteExportLink to record
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Citation style
  • apa
  • ieee
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