Relating individual differences in attitude toward ambiguity to risky choices

Subjects (76 adult Italians of varying ages) completed a two-part procedure. One part used an Ellsberg-type task which allowed for both aggregate and individual level analysis of Attitude toward Ambiguity. The other part used an expanded risky choice task to assess the same subjects' Attitude toward Risk. While there was an overall tendency fur subjects to be slightly ambiguity-averse, then was a positive correlation between Attitude toward Ambiguity and Attitude toward Risk. This relation was particularly strung when the risky choice was to avoid a loss lather than to achieve a gain. Copyright (C) 2001 John Wiley & Sons, Ltd.