Information Acquisition and Decisions under Risk and Ambiguity

Date: 2014-05
By: Ralf Bergheim
URL: http://d.repec.org/n?u=RePEc:rwi:repape:0488&r=net
This paper experimentally investigates individual information acquisition and decisions in ambiguous situations in which the degree of ambiguity can endogenously and individually be decreased by the subjects. In particular, I analyze how risk aversion, ambiguity attitude and personality traits are related to an individual’s information acquisition prior to a decision and to the decision itself based on this information. I focus on urn decisions and conduct treatments that consider the loss and gain domain separately and that vary the amount of available information and the probabilistic structure.
Keywords: Ambiguity aversion; risk aversion; experiment; decision making; information acquisition; personality traits
JEL: C91 D03 D81

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