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Comparing decisions under compound risk and ambiguity: the importance of cognitive skills
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SYSNO ASEP 0468780 Document Type J - Journal Article R&D Document Type Journal Article Subsidiary J Článek ve WOS Title Comparing decisions under compound risk and ambiguity: the importance of cognitive skills Author(s) Prokosheva, Sasha (NHU-C) Source Title Journal of Behavioral and Experimental Economics. - : Elsevier - ISSN 2214-8043
Roč. 64, October (2016), s. 94-105Number of pages 12 s. Language eng - English Country US - United States Keywords cognitive ability ; reduction of compound lotteries Subject RIV AH - Economics Institutional support NHU-C - PRVOUK-P23 UT WOS 000384852300011 EID SCOPUS 84959228820 DOI 10.1016/j.socec.2016.01.007 Annotation I investigate the relationship between attitudes towards ambiguity and the ability to reduce compound risks. The evidence from an experiment on adolescents shows that patterns identified in the previous literature are susceptible to experimental implementation and the characteristics of the subjects. Cognitive skills and the way lotteries are presented affect reduction of compound risks differently to ambiguity neutrality. My results suggest that theoretical studies which model ambiguity preferences by relaxing the assumption of compound risk reduction should be viewed with caution, and I add to the evidence against the use of compound lotteries to represent ambiguous environments in experiments. Workplace Economics Institute - CERGE Contact Tomáš Pavela, pavela@cerge-ei.cz, Tel.: 224 005 122 Year of Publishing 2017
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