Testing negative value of information and ambiguity aversion
通过实验检验信息价值与模糊态度之间的关系，发现当新信息使模糊对冲变得不可能时，信息价值可能为负，且与模糊厌恶相关，这证实了模糊理论的预测。
The standard Subjective Expected Utility model of decision-making implies that information can never have a negative value ex-ante. Many ambiguity theories have since questioned this property. We provide an experimental test of the connection between the value of information and ambiguity attitude. Our results show that the value of information can indeed be negative when new information renders hedging against ambiguity impossible. Moreover, the value of information is correlated with ambiguity aversion. This confirms the predictions from ambiguity theories and may have implications for decision-making in uncertain and dynamic environments. Neither complexity avoidance nor information with ambiguous reliability can reproduce the results.