| dc.contributor.author | Pasichnichenko, I | en_US |
| dc.contributor.author | Kops, C | en_US |
| dc.date.accessioned | 2023-08-29T10:21:09Z | |
| dc.date.available | 2023-08-25 | en_US |
| dc.identifier.issn | 1095-7235 | en_US |
| dc.identifier.uri | https://qmro.qmul.ac.uk/xmlui/handle/123456789/90252 | |
| dc.description.abstract | The standard Subjective Expected Utility model of decision-making implies that information can never have a negative value ex-ante. Many ambiguity theories have since questioned this property. We provide an experimental test of the connection between the value of information and ambiguity attitude. Our results show that the value of information can indeed be negative when new information renders hedging against ambiguity impossible. Moreover, the value of information is correlated with ambiguity aversion. This confirms the predictions from ambiguity theories and may have implications for decision-making in uncertain and dynamic environments. Neither complexity avoidance nor information with ambiguous reliability can reproduce the results. | |
| dc.publisher | Elsevier | en_US |
| dc.relation.ispartof | Journal of Economic Theory | en_US |
| dc.rights | This item is distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution, and reproduction in any medium, provided you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license, and indicate if changes were made. | |
| dc.title | Testing Negative Value of Information and Ambiguity Aversion | en_US |
| dc.type | Article | |
| dc.rights.holder | © 2023 The Author(s). Published by Elsevier Inc. | |
| pubs.notes | Not known | en_US |
| pubs.publication-status | Accepted | en_US |
| dcterms.dateAccepted | 2023-08-25 | en_US |
