Ambiguity, experience and unforeseen events in experimental finance

Stefan Trautmann

Chapter 5 in Handbook of Experimental Finance, 2022, pp 54-63 from Edward Elgar Publishing

Abstract: This chapter discusses methodological issues in the design of experiments that study situations of severe uncertainty. We present situations of ambiguity where probabilities are unknown, ambiguity with natural sources of uncertainty, situations where decision makers have to learn about outcomes and likelihoods, and those where decision makers are confronted with rare and unforeseeable events. We discuss how the different concepts relate to each other, and how to implement them in controlled experimental finance contexts.

Keywords: Economics and Finance (search for similar items in EconPapers)
Date: 2022
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