Common and distinct factors in decision making under ambiguity and risk: A psychometric study of individual differences |
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| Authors: | Marco Lauriola Irwin P Levin Stephanie S Hart |
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| Institution: | aDepartment of Social and Developmental Psychology, University of Rome “La Sapienza”, Via dei Marsi, 78, 00185 Rome, Italy;bDepartment of Psychology, E23 SSH, University of Iowa, Iowa City, IA 52242, USA;cDepartment of Marketing, E23 SSH, University of Iowa, Iowa City, IA 52242, USA;dDepartment of Psychology, University of Houston-Clear Lake, 2700 Bay Area Blvd., Houston, TX 77058, USA |
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| Abstract: | The relation between decision making under ambiguity and risky decision making was examined. In Studies 1 and 2, choices under ambiguity were measured for a large sample receiving an Ellsberg-type Ambiguity-Probability Tradeoff Task. Participants with extreme scores were recruited for Part 2 of each study which consisted of a risky decision making task (Study 1) or a series of decisions under ambiguity in “real life” scenarios (Study 2). Despite a time gap of up to 2 months, individual differences in scores on Part 1 predicted scores on Part 2. In Study 3 participants received in a single session several risky decision making tasks, several measures of decision making under ambiguity, and several personality scales related to uncertainty and decision making style. Taken together, the findings support the existence of a stable dispositional trait to reduce uncertainty in decision making but also task-specific differences related to gains and losses. |
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| Keywords: | Uncertainty Risk Ambiguity Individual differences |
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