Relating individual differences in Attitude toward Ambiguity to risky choices



Subjects (76 adult Italians of varying ages) completed a two-part procedure. One part used an Ellsberg-type task which allowed for both aggregate and individual level analysis of Attitude toward Ambiguity. The other part used an expanded risky choice task to assess the same subjects' Attitude toward Risk. While there was an overall tendency for subjects to be slightly ambiguity-averse, there was a positive correlation between Attitude toward Ambiguity and Attitude toward Risk. This relation was particularly strong when the risky choice was to avoid a loss rather than to achieve a gain. Copyright © 2001 John Wiley & Sons, Ltd.