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dc.contributor.authorViefers, Paulen
dc.date.accessioned2012-08-24-
dc.date.accessioned2012-08-24T14:08:52Z-
dc.date.available2012-08-24T14:08:52Z-
dc.date.issued2012-
dc.identifier.urihttp://hdl.handle.net/10419/61311-
dc.description.abstractThis paper investigates the impact of uncertainty on an irreversible investment decisions in the laboratory. Subjects own the option to seize a claim on the future sum of realizations from an (ambiguous) random walk. I contrast model predicitions of the Subjective Expected Utility model (SEU, Savage, 1954) with model predictions made by Multiple-prior Expected Utility models (MEU, Gilboa & Schmeidler, 1989; Epstein & Schneider, 2003b). I present an experimental design that allows to identify behaviorally meaningful deviations from SEU. Observed behavior is at odds with the SEU prediction. On average, subjects in a treatment group, facing an ambiguous random walk, exhibit an ambiguity premium that presents a mark-up on average reservation profits in a control group. Hence, subjects shun to expose themselves to an ambiguous payoff process and invest later than participants facing a risky payoff process.en
dc.language.isoengen
dc.publisher|aDeutsches Institut für Wirtschaftsforschung (DIW) |cBerlinen
dc.relation.ispartofseries|aDIW Discussion Papers |x1228en
dc.subject.jelD80en
dc.subject.jelD83en
dc.subject.ddc330en
dc.subject.keywordAmbiguity aversionen
dc.subject.keywordmultiple priorsen
dc.subject.keywordoptimal stoppingen
dc.subject.keywordirreversible investmenten
dc.titleShould I stay or should I go? A laboratory analysis of investment opportunities under ambiguity-
dc.typeWorking Paperen
dc.identifier.ppn722221460en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:diw:diwwpp:dp1228en

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