Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/161407 
Year of Publication: 
1991
Series/Report no.: 
Manuskripte aus den Instituten für Betriebswirtschaftslehre der Universität Kiel No. 277
Publisher: 
Universität Kiel, Institut für Betriebswirtschaftslehre, Kiel
Abstract: 
Competence has been recently proposed as an explanation for the degree of ambiguity aversion. Using general knowledge questions we presented subjects with simple lotteries in which they could bet on an event and against the same event. We show that the sum of certainty equivalents for both bets depends on the judged knowledge of the class of events. We also elicited the decision weights for events and complementary events. We found a similar effect of knowledge on the sum of decision weights.
Subjects: 
Ambiguity
Competence
Knowledge
Decision Making
Uncertainty
Document Type: 
Working Paper
Document Version: 
Digitized Version

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