Measuring Ambiguity Preferences: A New Ambiguity Preference Survey Module

42 Pages Posted: 12 Sep 2015 Last revised: 15 Jan 2019

See all articles by Elisa Cavatorta

Elisa Cavatorta

King's College London

David Schröder

University of London - Birkbeck College

Date Written: September 25, 2018

Abstract

Ambiguity preferences are important to explain human decision-making in many areas in economics and finance. To measure individual ambiguity preferences, the experimental economics literature advocates using incentivized laboratory experiments. Yet, laboratory experiments are costly, time-consuming and require substantial administrative effort. This study develops an experimentally validated ambiguity preference survey module that can reliably measure ambiguity preferences when carrying out laboratory experiments is impractical. This toolkit may have wide applications, including end-of-session lab questionnaires, large scale surveys and financial client
assessments.

Keywords: ambiguity, preference measurement, decision making, experimental economics, survey validation

JEL Classification: C81, C83, C91, D81

Suggested Citation

Cavatorta, Elisa and Schroeder, David, Measuring Ambiguity Preferences: A New Ambiguity Preference Survey Module (September 25, 2018). Available at SSRN: https://ssrn.com/abstract=2659596 or http://dx.doi.org/10.2139/ssrn.2659596

Elisa Cavatorta

King's College London ( email )

Strand
London, England WC2R 2LS
United Kingdom

David Schroeder (Contact Author)

University of London - Birkbeck College ( email )

Malet Street
London, WC1E 7HX
United Kingdom

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