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• W566885340 abstract "This paper tests whether utility is the same for risk and for uncertainty. This test is critical to distinguish models that capture ambiguity aversion through a difference in utility between risk and uncertainty (like the smooth ambiguity model) and models that capture ambiguity aversion through a difference in event weighting between risk and uncertainty (like multiple priors and prospect theory). We designed a new method to measure utility and loss aversion under uncertainty without the need to introduce simplifying parametric assumptions. Our method extends Wakker and Deneffe’s (1996) trade‐off method by allowing for standard sequences that include gains, losses, and the reference point. It provides an efficient way to measure loss aversion and a useful tool for practical applications of ambiguity models. We could not reject the hypothesis that utility and loss aversion were the same for risk and uncertainty suggesting that utility reflects attitudes towards outcomes and not attitudes towards ambiguity. Sign‐dependence was important both for risk and for uncertainty. Utility was S‐shaped, concave for gains and convex for losses and there was substantial loss aversion. Our findings support models that explain ambiguity aversion through a difference in event weighting and suggest that descriptive models of ambiguity aversion should allow for reference‐dependence." @default.
• W566885340 created "2016-06-24" @default.
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• W566885340 date "2013-07-01" @default.
• W566885340 modified "2023-09-27" @default.
• W566885340 title "Source-dependence of utility and loss aversion: A critical test of ambiguity models" @default.
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