Learning-by-Doing in an Ambiguous Environment

Jim Engle-Warnick and Sonia Laszlo

CIRANO Working Papers from CIRANO

Abstract: We apply an instrument to measure ambiguity preferences in an experiment and show that revealed ambiguity preferences, but not risk preferences, predict behavior in a separate game that involves exploitation vs. exploration of a maximization problem. We provide direct evidence of ambiguity preferences acting on decision making separately from risk preferences, and advance knowledge regarding how ambiguity preferences operate on decision-making.

Keywords: Learning-by-doing; Technology choice; Risk preferences; Risk measurement instruments; Ambiguity Aversion; Experimental economics, (search for similar items in EconPapers)
Date: 2016-08-24
New Economics Papers: this item is included in nep-cbe, nep-exp, nep-gth and nep-upt
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Downloads: (external link)
https://cirano.qc.ca/files/publications/2016s-46.pdf

Related works:
Journal Article: Learning-by-doing in an ambiguous environment (2017)
Working Paper: Learning-by-Doing in an Ambiguous Environment (2006)
Working Paper: LEARNING BY DOING IN AN AMBIGUOUS ENVIRONMENT (2006)
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Persistent link: https://EconPapers.repec.org/RePEc:cir:cirwor:2016s-46

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