Preference reversals for ambiguity aversion / Stefan T. Trautmann in Management science, Vol. 57 N° 7 (Juillet 2011)  

Public ISBD [article]  inManagement science > Vol. 57 N° 7 (Juillet 2011) . - pp. 1320-1333 Titre : Preference reversals for ambiguity aversion Type de document : texte imprimé Auteurs : Stefan T. Trautmann, Auteur ; Ferdinand M. Vieider, Auteur ; Peter P. Wakker, Auteur Année de publication : 2011 Article en page(s) : pp. 1320-1333 Note générale : Management Langues : Anglais (eng) Mots-clés : Ambiguity aversion Preference reversal Loss Choice versus valuation Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : This paper finds preference reversals in measurements of ambiguity aversion, even if psychological and informational circumstances are kept constant. The reversals are of a fundamentally different nature than the reversals found before because they cannot be explained by context-dependent weightings of attributes. We offer an explanation based on Sugden's random-reference theory, with different elicitation methods generating different random reference points. Then measurements of ambiguity aversion that use willingness to pay are confounded by loss aversion and hence overestimate ambiguity aversion. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/57/7.toc [article] Preference reversals for ambiguity aversion [texte imprimé] / Stefan T. Trautmann, Auteur ; Ferdinand M. Vieider, Auteur ; Peter P. Wakker, Auteur . - 2011 . - pp. 1320-1333. Management Langues : Anglais (eng) in Management science > Vol. 57 N° 7 (Juillet 2011) . - pp. 1320-1333 Mots-clés : Ambiguity aversion Preference reversal Loss Choice versus valuation Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : This paper finds preference reversals in measurements of ambiguity aversion, even if psychological and informational circumstances are kept constant. The reversals are of a fundamentally different nature than the reversals found before because they cannot be explained by context-dependent weightings of attributes. We offer an explanation based on Sugden's random-reference theory, with different elicitation methods generating different random reference points. Then measurements of ambiguity aversion that use willingness to pay are confounded by loss aversion and hence overestimate ambiguity aversion. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/57/7.toc

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