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Reference dependent ambiguity aversion: theory and experiment

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Figure

Figure 1: The graph is produced by assuming F(p) = p, g(∆) = ∆0.7, and l(∆) =−1.5(∆)0.7.
Figure 2: The parametric form of(p) is assumed to be normally distributed aroundwith a standard deviation of 0(∆) = ∆ and l(−∆) = −1.5∆.
Table 1: WTPs of the risky gamble and the ambiguous gamble. “Left” (“right”) meansthe risky gamble was on the left (right) hand side of the questionnaire.
Figure 3: A boxplot of the values of the same ambiguous gamble when it was presentedwith risky gambles with different probabilities
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