Abstract:
This study measures the differences in ambiguity attitudes of groups and individuals in the gain and loss domain. We elicit the ambiguity attitudes and ambiguity-generated insensitivity for natural temperature events. We do not find significant differences between individuals and groups in our main sample, yet higher ambiguity aversion and ambiguity-generated insensitivity results for groups in the gain when constraining the sample to groups and individuals with a better understanding of the experiment. Moreover, the group effect on the ambiguity-generated insensitivity seems domain dependent.