Experimental Design
We conduct a web survey using a panel owned by an Internet-based research company in Japan. From among the registered members, we limit our survey to the people living in Osaka. The survey company randomly requests responses from registrants and accepts them on a first-come, first-served basis. Before answering the survey, the respondents are informed that the survey will take 20 to 30 minutes to complete.
The web survey is conducted in three parts. The first part involves a practice of answering matching probability. The second part involves experiments to obtain matching probabilities. The third part focuses on the subjects’ demographic variables, risk preference, time preference, and preventive health and disaster preparedness behaviors and conducts cognitive tests.
To elicit ambiguity attitudes, we apply the methods of Baillon et al. (2018) and Dimmock et al. (2016) for natural and artificial sources, respectively. In the natural source experiments, respondents are asked to choose between an ambiguous and an unambiguous option. In the artificial source experiments, respondents are required to choose between ambiguous lottery and unambiguous (risk) lottery.
We elicit ambiguity attitudes for different sources and outcome domains: 1) natural source in gain domain; 2) natural source in loss domain; 3) artificial source in gain domain; and 4) artificial source in loss domain. We randomly assign four different treatments for the respondents.
Reference
Baillon, A., Huang, Z., Selim, A., & Wakker, P. P. (2018). Measuring ambiguity attitudes for all (natural) events. Econometrica, 86(5), 1839-1858.
Dimmock, S. G., Kouwenberg, R., & Wakker, P. P. (2016). Ambiguity attitudes in a large representative sample. Management Science, 62(5), 1363-1380.