Both economists and psychologists are interested in understanding decision making under uncertainty. Yet, they rely on different concepts to analyse human behaviour: economists use economic preference parameters rooted in utility theory, while psychologists use personality traits to describe responses to uncertain situations. Using a large sample of university students, this study examines and contrasts five economic preference parameters and six psychological personality traits that are commonly used to study individuals’ attitudes towards uncertainty. A novelty of this paper is including both (...) the economic concept of ambiguity aversion as well as the personality trait of ambiguity intolerance. We find that standard economic preference measures based on incentivized choice tasks seem to capture rather different characteristics than psychological personality traits. In contrast, economic preference measures obtained from self-assessment questions appear more related to personality traits, especially ambiguity intolerance. (shrink)

This article provides an experimental analysis of attitude toward imprecise and variable information. Imprecise information is provided in the form of a set of possible probability values, such that it is virtually impossible for the subjects to guess or estimate, which one in the set is true or more likely to be true. We investigate how geometric features of such information pieces affect choices. We find that the subjects care about more features than the pairs of best-case and worst-case, which (...) is a counter-evidence to the well-known models, maximin and α-maximin. We find that presence of nonextreme points in the set affects choice, which suggests that attitude toward imprecision is ‘nonlinear.’ We also obtain an observation, though not significant, that information pieces have a complementarity that may not be explained by the Bayesian view. (shrink)

We report in this paper the result of three experiments on risk, ambiguity and time attitude. The first two differed by the population considered (students vs. general population) while the third one used a different protocol and concerned students and portfolio managers. We find quite a lot of heterogeneity at the individual level. Of principal interest was the elicitation of risk, time and ambiguity attitudes and the relationship among these (model free) measures. We find that on the student population, there (...) is essentially no correlation. A non negligible fraction of the population behaves in an extremely cautious manner in the risk and ambiguity domain. When we drop this population from the sample, the correlation between our measures is also non significant. We also raise three questions linked to measurement of ambiguity attitudes that come out from our data sets. (shrink)