Judged knowledge and ambiguity aversion

Keppe, Hans-Jürgen ; Weber, Martin

DOI: https://doi.org/10.1007/BF01078869
URL: https://link.springer.com/article/10.1007/BF010788...
Additional URL: https://psycnet.apa.org/record/1996-10292-001
Document Type: Article
Year of publication: 1995
The title of a journal, publication series: Theory and Decision
Volume: 39
Issue number: 1
Page range: 51-77
Place of publication: Heidelberg [u.a.]
Publishing house: Springer
ISSN: 0040-5833 , 1573-7187
Publication language: English
Institution: Business School > ABWL u. Finanzwirtschaft, insbes. Bankbetriebslehre (Weber 1993-2017)
Subject: 150 Psychology
330 Economics
Keywords (English): Ambiguity , competence , knowledge , decision making , uncertainty
Abstract: Competence has recently been proposed as an explanation for the degree of ambiguity aversion. Using general knowledge questions we presented subjects with simple lotteries in which they could bet on an event and against the same event. We show that the sum of certainty equivalents for both bets depends on the judged knowledge of the class of events. We also elicited the decision weights for events and complementary events. We found a similar effect of knowledge on the sum of decision weights.

Dieser Eintrag ist Teil der Universitätsbibliographie.

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