Ambiguity attitudes for real-world sources: field evidence from a large sample of investors
用真实世界事件（如公司股票、股票指数、比特币）测量大样本投资者的模糊态度，发现模糊厌恶在不同资产间高度相关，而感知模糊性差异较大，且模糊态度与实际投资选择相关。
Abstract Empirical studies of ambiguity aversion mostly use artificial events such as Ellsberg urns to control for unknown probability beliefs. The present study measures ambiguity attitudes using real-world events in a large sample of investors. We elicit ambiguity aversion and perceived ambiguity for a familiar company stock, a local stock index, a foreign stock index, and Bitcoin. Measurement reliability is higher than for artificial sources in previous studies. Ambiguity aversion is highly correlated for different assets, while perceived ambiguity varies more between assets. Further, we show that ambiguity attitudes are related to actual investment choices.