Theory and Decision

, Volume 71, Issue 1, pp 81–109

An experimental investigation of imprecision attitude and its relation with risk attitude and impatience

  • Michèle Cohen
  • Jean-Marc Tallon
  • Jean-Christophe Vergnaud
Article

DOI: 10.1007/s11238-010-9205-8

Cite this article as:
Cohen, M., Tallon, JM. & Vergnaud, JC. Theory Decis (2011) 71: 81. doi:10.1007/s11238-010-9205-8

Abstract

We report in this article 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.

Keywords

ExperimentsRisk aversionImpatienceImprecision aversion

JEL Classification

C90D81C91

Copyright information

© Springer Science+Business Media, LLC. 2010

Authors and Affiliations

  • Michèle Cohen
    • 1
    • 2
  • Jean-Marc Tallon
    • 1
    • 2
  • Jean-Christophe Vergnaud
    • 2
  1. 1.Paris School of EconomicsU. Paris I Panthéon-Sorbonne, CNRSParisFrance
  2. 2.Centre d’économie de la Sorbonne, CNRSParisFrance