Determinants of Ambiguity Aversion

Short Description: In many areas of life—whether medical, financial, or social—people have to make decisions under ambiguity—that is, without knowing the precise probabilities of the possible outcomes. This study investigates changes in ambiguity preferences and risk-taking propensity across the lifespan.

Methodological Details: Six questions / decision tasks targeting ambiguity aversion and one question targeting numeracy. The decision tasks represented a classic measure of ambiguity aversion: how much more people like a gamble or a lottery when they know the underlying probability distributions compared to when they don’t know.

Incentives: Participants were informed that one in ten participants will be randomly selected, for whom one of the lottery decisions is played out.

Contact	Year	Respondents	Dataset	Variables	Availability	Field	Method
Christina Leuker, Max Planck Institute for Human Development [E-Mail]	2017	~1500	inno	ambig00, ambig16, ambig4, ambig9, ambig5, ambig1, ambig12, ambig14, ambig21, ambig19, ambig8, ambig7, ambig6, ambig3, ambig15, ambig13, ambig2, ambig10, ambig22, im_ambig	04/2020	Economics	Survey items