Decision Under Ambiguity: Effects of Sign and Magnitude

Decision under ambiguity (uncertainty with unknown probabilities) has been attracting attention in behavioral and neuroeconomics. However, recent neuroimaging studies have mainly focused on gain domains while little attention has been paid to the magnitudes of outcomes. In this study, we examined th...

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Bibliographic Details
Published in:International journal of neuroscience 2009, Vol.119 (8), p.1170-1178
Main Authors: Inukai, Keigo, Takahashi, Taiki
Format: Article
Language:English
Subjects:
ambiguity
behavioral economics
Decision Making - physiology
Ellsberg's paradox
Female
Humans
Male
neuroeconomics
Neuropsychological Tests
Probability
Reward
Risk-Taking
subadditivity
Young Adult
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Summary:Decision under ambiguity (uncertainty with unknown probabilities) has been attracting attention in behavioral and neuroeconomics. However, recent neuroimaging studies have mainly focused on gain domains while little attention has been paid to the magnitudes of outcomes. In this study, we examined the effects of the sign (i.e., gain and loss) and magnitude of outcomes on ambiguity aversion and the additivity of subjective probabilities in Ellsberg's urn problem. We observed that (i) ambiguity aversion was observed in both signs, and (ii) subadditivity of subjective probability was not observed in negative outcomes.
ISSN:0020-7454
1563-5279
1543-5245
DOI:10.1080/00207450802174472