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Attitudes to uncertainty in a strategic setting
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Li, Zhihua, Loomes, Graham and Pogrebna, Ganna (2017) Attitudes to uncertainty in a strategic setting. Economic Journal, 127 (601). pp. 809-826. doi:10.1111/ecoj.12486 ISSN 0013-0133.
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Official URL: http://doi.org/10.1111/ecoj.12486
Abstract
Much uncertainty in life relates to the behaviour of others in interactive environments. This paper tests some implications of subjective expected utility theory (Savage, 1954) in an experimental strategic
setting where there is uncertainty about the actions of other players. In this environment, a large majority of our participants violate subjective expected utility theory. However, they do not exhibit the
sorts of consistent ‘attitude to ambiguity’ found in individual decision experiments. We discuss three possible explanations of their behaviour: nonlinear transformation of probabilities; noise in responses; and/or systematic biases in the way that individuals generate subjective probabilities.
Item Type: | Journal Article | |||||||||||||||
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Subjects: | H Social Sciences > HB Economic Theory | |||||||||||||||
Divisions: | Faculty of Social Sciences > Warwick Business School | |||||||||||||||
Library of Congress Subject Headings (LCSH): | Economics -- Mathematical models., Decision making., Statistical decision., Uncertainty (Information theory) | |||||||||||||||
Journal or Publication Title: | Economic Journal | |||||||||||||||
Publisher: | Blackwell | |||||||||||||||
ISSN: | 0013-0133 | |||||||||||||||
Official Date: | May 2017 | |||||||||||||||
Dates: |
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Volume: | 127 | |||||||||||||||
Number: | 601 | |||||||||||||||
Page Range: | pp. 809-826 | |||||||||||||||
DOI: | 10.1111/ecoj.12486 | |||||||||||||||
Status: | Peer Reviewed | |||||||||||||||
Publication Status: | Published | |||||||||||||||
Access rights to Published version: | Open Access (Creative Commons) | |||||||||||||||
Date of first compliant deposit: | 8 December 2016 | |||||||||||||||
Date of first compliant Open Access: | 19 June 2017 | |||||||||||||||
RIOXX Funder/Project Grant: |
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Conference Paper Type: | Paper | |||||||||||||||
Type of Event: | Conference |
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