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Stake effects on ambiguity attitudes for gains and losses

Journal article
Authors Ranoua Bouchouicha
Peter Martinsson
Haileselassie Medhin
Ferdinand M. Vieider
Published in Theory and Decision
Volume 83
Issue 1
Pages 19-35
ISSN 0040-5833
Publication year 2017
Published at Department of Economics
Pages 19-35
Language en
Links https://doi.org/10.1007/s11238-016-...
Keywords Ambiguity aversion, Monetary stakes, Risk attitudes
Subject categories Economics


We test the effect of stake size on ambiguity attitudes. Compared to a baseline condition, we find subjects to be more ambiguity seeking for small-probability gains and large-probability losses under high stakes. They are also more ambiguity averse for large-probability gains and small-probability losses. We trace these effects back to stake effects on decisions under risk (known probabilities) and uncertainty (unknown probabilities). For risk, we replicate previous findings. For uncertainty, we find an increase in probabilistic insensitivity under high stakes that is driven by increased uncertainty aversion for large-probability gains and for small-probability losses.

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