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

Olivier l’Haridon (), Ferdinand Vieider (), Diego Aycinena and Agustinus Bandur
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Olivier l’Haridon: CREM - Centre de recherche en économie et management - CNRS - Centre National de la Recherche Scientifique - UR1 - Université de Rennes 1 - UNIV-RENNES - Université de Rennes - UNICAEN - Université de Caen Normandie - NU - Normandie Université
Diego Aycinena: Universidad del Rosario - Facultad de Economia
Agustinus Bandur: Bina Nusantara University [Jakarta]

Authors registered in the RePEc Author Service: Alexis Belianin (), Olivier L'Haridon and Peter Martinsson

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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 analyse the ambiguity attitudes of almost 3000 students across 30 countries. For gains we find ambiguity aversion everywhere, while ambiguity aversion is much weaker for losses. Ambiguity attitudes change systematically with probabilitiesfor 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.

Keywords: heterogeneity; noise; ambiguity aversion; cultural comparison; ambiguity attitudes (search for similar items in EconPapers)
Date: 2018
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Published in Review of Economics and Statistics, Massachusetts Institute of Technology Press (MIT Press), 2018, 100 (4), pp.664-677. ⟨10.1162/REST_a_00724⟩

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DOI: 10.1162/REST_a_00724

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