We build two experimental markets to examine individual valuations of risk reductions with two risk-management tools: self-insurance and self-protection. We find no positive evidence that the risk-reducing mechanisms constitute a “frame.” Ambiguity in the probability on average affects valuation only weakly, and changes in the representation of ambiguity do not alter valuation. Finally, unlike the results obtained by Hogarth and Kunreuther for the case of market insurance, our findings do not provide a strong support for the “Anchoring and Adjustment” ambiguity model.
|Titolo:||"An Experimental Investigation of the the Impact of Ambiguity on the Valuation of Self-insurance and Self-protection"|
|Data di pubblicazione:||1996|
|Citazione:||"An Experimental Investigation of the the Impact of Ambiguity on the Valuation of Self-insurance and Self-protection" / DI MAURO C; MAFFIOLETTI A. - In: JOURNAL OF RISK AND UNCERTAINTY. - ISSN 0895-5646. - 13:1(1996), pp. 53-71.|
|Appare nelle tipologie:||1.1 Articolo in rivista|