An experimental study of preferences for information

Abstract : In most real-life choice situations, decision makers cannot predict the outcome of their action with certainty. Decision theory generally distinguishes between the typical case of risk, in which the probabilities of the different events are objectively known, and the situation of ambiguity, in which the informational context does not allow such objective probability judgment. However, agents are often provided with partial information consisting of past observations, leading to situations beyond the traditional known-unknown probabilities dichotomy.This thesis empirically investigates decision-making under uncertainty when statistical information is available. The first two chapters focus on choice behaviors in the presence of information, i.e., when prospects are described by datasets ex ante. These chapters study the influence of information precision on the perception of ambiguity and on the attitudes towards risk and ambiguity. In the third chapter, I consider the situation in which agents are uninformed and have the opportunity to acquire information. This chapter proposes an experiment designed to explore the individual valuation for additional information.
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Submitted on : Wednesday, September 11, 2019 - 2:24:07 PM
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Roxane Bricet. An experimental study of preferences for information. Economics and Finance. Université de Cergy Pontoise, 2018. English. ⟨NNT : 2018CERG0959⟩. ⟨tel-02284064⟩



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