Attitudes to ambiguity in one-shot normal-form games: An experimental study

Abstract: Based on an experiment in the lab, we classify behavior in one-shot normal-form games along three important dimensions. The first dimension, which is of main interest, is about whether subjects are ambiguity-loving, ambiguity-neutral, or ambiguity-averse. The second dimension is about whether subjects are risk-loving, risk-neutral, or risk-averse. The third dimension is about whether subjects are naive or strategic. Our main result is that, in our main treatment, percent of subjects are classified as ambiguity-loving/ambiguity-neutral/ambiguity-averse. [Copyright &y& Elsevier]