Off the Charts: Massive Unexplained Heterogeneity in a Global Study of Ambiguity Attitudes

Olivier l’Haridon, Ferdinand Vieider (), Diego Aycinena, Agustinus Bandur, Alexis Belianin (), Lubomir Cingl, Amit Kothiyal and Peter Martinsson
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Olivier l’Haridon: University of Rennes
Agustinus Bandur: Bina Nusantara University
Amit Kothiyal: Max Planck Institute for Human Development
Authors registered in the RePEc Author Service: Olivier L'Haridon

The Review of Economics and Statistics, 2018, vol. 100, issue 4, 664-677

Abstract: Ambiguity attitudes have been prominently used in economic models, but we still know little about their demographic correlates or their generalizability beyond the West. We analyze the ambiguity attitudes of almost 3,000 students across thirty countries. For gains, we find ambiguity aversion everywhere, while ambiguity aversion is much weaker for losses. Ambiguity attitudes change systematically with probabilities for both gains and losses. Much of the between-country variation can be explained through a few macroeconomic characteristics. In contrast, we find massive unexplained variation at the individual level. We also find much unexplained heterogeneity in individual responses to different decision tasks.

Date: 2018
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