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Ambiguity aversion in the long run: Repeated decisions under risk and uncertainty

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journal contribution
posted on 26.04.2010, 15:24 by Hsin-Hsien Liu, Andrew M. Colman
In two experiments, decision makers chose between risky and ambiguous gambles under conditions of both single (unrepeated) and multiply repeated choices. The gambles were presented either as modified Ellsberg urn choices or as marketing strategy decisions. In both experiments, decision makers chose the ambiguous options more frequently in the repeated-choice than the single-choice conditions. More decision makers made risky single choices and ambiguous repeated choices than ambiguous single choices and risky repeated choices. Decision makers expressed more self-rated confidence in their repeated than their single ambiguous choices. These findings are interpreted in the light of findings on repeated decision making under risk and theories of loss aversion and ambiguity aversion.

History

Citation

Journal of Economic Psychology, 2009, 20 (3), pp. 277-284.

Published in

Journal of Economic Psychology

Publisher

Elsevier

issn

0167-4870

Copyright date

2009

Available date

26/04/2010

Publisher version

http://www.sciencedirect.com/science/article/pii/S0167487009000166

Language

en