1. we can always assign index 1 to CE(L t ) = x j4 4 , index 11 to CE(L t ) = x j4 4 and indexing the internal CE(L t ) accordingly. See footnote 7. 39 A relevant exception is again represented by the (normalized) certainty equivalent in task 7. Controlling for CARA and treatment and taking the Binomial as reference treatment, we ?nd that the Unknown treatment has a positive and signi?cant e�ect (P-value = 0:059) over CE(L 7 ). Controlling for CRRA and treatment;task 5-9 we allow each subject to choose always among 11 possible selling prices. Therefore, for every t = 5
2. Ambiguity and compound risk attitudes: an experiment. Working paper;P Klibano�;To be more precise, only in the regressions for CE(L 7 ) CE(L 6 ) > 0 (CE normalized) we ?nd that References Abdellaoui M,2011
3. Estimating ambiguity aversion in a portfolio choice experiment
4. The role of securities in the optimal allocation of risk bearing;K Arrow;Review of Economic Studies,1964