Figure - available from: Journal of Risk and Uncertainty
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Subject-by-subject estimated parameters for the curvature of the value function (ρ) and the curvature of the probability weighting function (γ) under the naïve (Panel a) and sophisticated (Panel b) model. TR0 (TR1) correspond to the Ambiguity (Compound Risk) treatments, respectively
Source publication
We report the evidence of a multi-stage lab experiment on individual decision making under ambiguity, where the latter is characterized by the (partial or) absence of information on some monetary values in the support of the lottery distributions. This complements the standard treatment of uncertainty where decision makers know the monetary prizes,...
