Replication data for: The Rich Domain of Uncertainty: Source Functions and Their Experimental Implementation
Principal Investigator(s): View help for Principal Investigator(s) Mohammed Abdellaoui; Aurélien Baillon; Laetitia Placido; Peter P. Wakker
Version: View help for Version V1
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text/plain | 14.6 KB | 10/11/2019 11:42:AM |
Project Citation:
Abdellaoui, Mohammed, Baillon, Aurélien, Placido, Laetitia, and Wakker, Peter P. Replication data for: The Rich Domain of Uncertainty: Source Functions and Their Experimental Implementation. Nashville, TN: American Economic Association [publisher], 2011. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-11. https://doi.org/10.3886/E112410V1
Project Description
Summary:
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We often deal with uncertain events for which no probabilities are known. Several normative models have been proposed. Descriptive studies have usually been qualitative, or they estimated ambiguity aversion through one single number. This paper introduces the source method, a tractable method for quantitatively analyzing uncertainty empirically. The theoretical key is the distinction between different sources of uncertainty, within which subjective (choice-based) probabilities can still be defined. Source functions convert those subjective probabilities into willingness to bet. We apply our method in an experiment, where we do not commit to particular ambiguity attitudes
but let the data speak. (JEL D81)
Scope of Project
JEL Classification:
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D81 Criteria for Decision-Making under Risk and Uncertainty
D81 Criteria for Decision-Making under Risk and Uncertainty
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