Measuring the Degree of Ambiguity about Probability: Experimental Evidence

Andrea Morone () and Ozlem Ozdemir

Papers on Strategic Interaction from Max Planck Institute of Economics, Strategic Interaction Group

Abstract: Different from previous studies that use a best estimate, interval, or sets of probabilities, we represent the degree of ambiguity through levels of information provided to subjects. The willingness to pay is higher when more amount of information is provided.

Keywords: experiments; ambiguity; uncertainty; probability (search for similar items in EconPapers)
JEL-codes: C92 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-exp
Date: 2005-11
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