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  1.  28
    Eliciting Ambiguity Aversion in Unknown and in Compound Lotteries: A Smooth Ambiguity Model Experimental Study.Giuseppe Attanasi, Christian Gollier, Aldo Montesano & Noemi Pace - 2014 - Theory and Decision 77 (4):485-530.
    Coherent-ambiguity aversion is defined within the smooth-ambiguity model as the combination of choice-ambiguity and value-ambiguity aversion. Five ambiguous decision tasks are analyzed theoretically, where an individual faces two-stage lotteries with binomial, uniform, or unknown second-order probabilities. Theoretical predictions are then tested through a 10-task experiment. In tasks 1–5, risk aversion is elicited through both a portfolio choice method and a BDM mechanism. In tasks 6–10, choice-ambiguity aversion is elicited through the portfolio choice method, while value-ambiguity aversion comes about through the (...)
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  2.  9
    Behavioral Patterns and Reduction of Sub-Optimality: An Experimental Choice Analysis.Daniela Di Cagno, Arianna Galliera, Werner Güth & Noemi Pace - 2018 - Theory and Decision 85 (2):151-177.
    This paper attempts to identify behavioral patterns and compare their average success considering several criteria of bounded rationality. Experimentally observed choice behavior in various decision tasks is used to assess heterogeneity in how individual participants respond to 15 randomly ordered portfolio choices, each of which is experienced twice. Treatments differ in granting probability information and in eliciting aspirations. Since in our setting neither other regarding concerns nor risk attitude matter and probability of the binary chance move is choice irrelevant, categorizing (...)
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    Experimental Evidence of Behavioral Improvement by Learning and Intermediate Advice.Daniela Di Cagno, Werner Güth & Noemi Pace - 2021 - Theory and Decision 91 (2):173-187.
    This paper attempts to empirically assess how advice may reduce suboptimality in a portfolio choice experiment with risk-neutral participants induced via binary-lottery incentives. Previous studies with a larger set of choice tasks report overwhelming evidence of suboptimality and how it is slightly reduced by learning and experience. Participants confront 15 randomly ordered portfolio choices, which they experience again in 2 successive phases. Intermediate advice between phases alerts participants that less-risky investments can improve the outcome for at least one chance event (...)
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