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RISK, AMBIGUITY, AND DIVERSIFICATION

See on Scoop.itBounded Rationality and Beyond

Attitudes toward risk ináuence the decision to diversify among uncertain options. Yet, because in most situations the options are ambiguous, attitudes toward ambiguity may also play an important role. I conduct a laboratory experiment to investigate the e§ect of ambiguity on the decision to diversify. I Önd that diversiÖcation is more prevalent and more persistent under ambiguity than under risk. Moreover, excess diversiÖcation under ambiguity is driven by participants who stick with a status quo gamble when diversiÖcation among gambles is not feasible. This behavioral pattern cannot be accommodated by major theories of choice under ambiguity.

http://repository.urosario.edu.co/bitstream/handle/10336/12039/dt191.pdf?sequence=4&isAllowed=y

See on repository.urosario.edu.co



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