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Working paper 634

Larry G. Epstein and Yoram Halevy, "Hard-to-Interpret Signals", 2019-03-31
Main Text (application/pdf) (3,816,303 bytes)

Abstract: Decisions under uncertainty are often made with information that is difficult to interpret because multiple interpretations are possible. Individuals may perceive and handle uncertainty about interpretation differently and in ways that are not directly observable to a modeler. This paper identifies and experimentally examines behavior that can be interpreted as reflecting an individual's attitude towards such uncertainty.

Keywords: Ambiguity, updating, information, experiment

JEL Classification: D81, D91, C91