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Comparative risk and ambiguity aversion: an experimental approach

Author

Listed:
  • Takashi Hayashi

    (University of Glasgow)

  • Ryoko Wada

    (Keiai University)

Abstract

This paper experimentally studies comparative properties of risk aversion and ambiguity aversion in the way that the role of heterogeneity is allowed for. We examine correlation between the degrees of risk aversion and the degree of ambiguity aversion, how the latter changes across geometric properties of objective sets of possible probability distributions and how ambiguous information is generated.

Suggested Citation

  • Takashi Hayashi & Ryoko Wada, 2022. "Comparative risk and ambiguity aversion: an experimental approach," KIER Working Papers 1079, Kyoto University, Institute of Economic Research.
    • Handle: RePEc:kyo:wpaper:1079
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    References listed on IDEAS

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    More about this item

    Keywords

    Ambiguity aversion; risk aversion; comparative definitions; choice experiments;
    All these keywords.

    JEL classification:

    • C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty

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