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Journal of Risk and Uncertainty

, Volume 58, Issue 1, pp 71–100 | Cite as

Measuring ambiguity preferences: A new ambiguity preference survey module

  • Elisa Cavatorta
  • David SchröderEmail author
Article

Abstract

Ambiguity preferences are important to explain human decision-making in many areas in economics and finance. To measure individual ambiguity preferences, the experimental economics literature advocates using incentivized laboratory experiments. Yet, laboratory experiments are costly, time-consuming and require substantial administrative effort. This study develops an experimentally validated ambiguity preference survey module that can reliably measure ambiguity preferences when carrying out laboratory experiments is impractical. This toolkit may have wide applications, including end-of-session lab questionnaires, large scale surveys and financial client assessments.

Keywords

Ambiguity Preference measurement Decision making Experimental economics Survey validation 

JEL Classifications

C81 C83 C91 D81 

Notes

Acknowledgments

We thank the editor Kip Viscusi and an anonymous referee for their constructive comments. We also thank Johannes Abeler, Aurelien Baillon, Han Bleichrodt, Syngjoo Choi, Peter Dürsch, Roy Kouwenberg, Daniel Martin, Ron Smith, Uwe Sunde, Matthias Sutter, Jean-Marc Tallon, Stefan Trautmann, Peter Wakker, Matthias Wibral, seminar participants at Paris-1, as well as conference participants at IMEBESS, the Maastricht behavioral and experimental economics symposium, FUR XVI, Verein für Socialpolitik, ESRC Workshop on Preferences and Personality, NIBS, D-TEA, and the Royal Economic Society conference for helpful discussion and comments. This work was supported by a BEI research grant by Birkbeck College. Any remaining errors are ours.

Supplementary material

11166_2019_9299_MOESM1_ESM.pdf (197 kb)
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Copyright information

© Springer Science+Business Media, LLC, part of Springer Nature 2019

Authors and Affiliations

  1. 1.King’s College LondonUniversity of LondonStrandUK
  2. 2.Birkbeck CollegeUniversity of LondonBloomsburyUK

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