Scandinavian Working Papers in Economics
Working Papers,
Lund University, Department of Economics
No 2024:8: The Virtual Bingo Blower: An open-source tool to generate ambiguity and risk in experiments
Ola Andersson (), Geoffrey Castillo () and Erik Wengström ()
Additional contact information
Ola Andersson: Uppsala University, Department of Economics, Postal: Box 513, 751 20 Uppsala, Sweden,
Geoffrey Castillo: Nottingham Trent University, Postal: Department of Economics, Nottingham Trent University, 50 Shakespeare Street, Nottingham NG1 4FQ, United Kingdom,
Erik Wengström: Department of Economics, Lund University, Postal: School of Economics and Management, Box 7080, S-220 07 Lund, Sweden
Abstract: We propose the Virtual Bingo Blower (VBB) as a way to generate credible risk and ambiguity in computerized experiments. Using a physics engine—a computer simulation of a physical system—the VBB simulates a conventional bingo blower. Different aspects of the VBB, such as the number of balls, their color, and their speed, can be easily modified. In an online experiment, we measure ambiguity attitudes and vary the source of ambiguity, using either the VBB or natural events. We find that the VBB and natural events result in a similar degree of ambiguity aversion. Further, we find that, by manipulating the number of balls, the VBB can be used to manipulate the perceived level of ambiguity.
Keywords: ambiguity; risk; bingo blower; online experiment; experimental tools; randomization
Language: English
33 pages, September 30, 2024
Full text files
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