With the rise of experimental research in the social sciences, numerous methods to elicit and classify people's risk … attitudes in the laboratory have evolved. However, evidence suggests that people's attitudes towards risk may change … considerably when measured with different methods. Based on a with-subject experimental design using four widespread risk …

long horizons. We present an experiment comparing decision making under certainty, risk, and ambiguity, over a shorter … lifecycle. Results show that behavior in the ambiguity treatment is markedly different than in the risk condition and it is …

utility all predict unequivocally that risk-averse decision makers (DMs) will avoid the 50 - 50 urn that exhibits the highest … risk conceivable, while risk-seeking DMs do the opposite. However, we observe a substantial number of violations in the … notions of second- order risk. This finding is robust even when there is only partial ambiguity, and is applicable to all …

Parametric and non-parametric risk aversion is often elicited through binary lotteries. Basing ourselves on recent … bias the result of risk aversion elicitation in two ways. First, subjects might favor binary lotteries displaying more … the pair, it may push subjects to take on more second order risk, which we term the level bias. We analyze the most …

choice between risky and ambiguous Ellsberg urns, we let them choose between a safe option and a risky lottery, whose risk is …, subjects can reduce or even eliminate the ambiguity and turn the decision situation into one of risk. Under the assumption that … request more information. Moreover, we investigate whether the relation between attitudes towards risk and ambiguity is linked …

specification includes two parameters: one for ambiguity attitudes and another for risk attitudes. We also estimate a three …

probabilities, and (3) are ambiguity non-neutral. By decomposing ambiguity into risk and model uncertainty, and jointly eliciting …