Distinguishing Two Forms of Consumer Uncertainty

We show that consumers reliably distinguish epistemic (knowledge-based) uncertainty from aleatory (stochastic) uncertainty in their rating of events. These ratings predict evaluations of credit/blame and luckiness/unluckiness for good/bad outcomes and mediate hindsight bias. Moreover, consumers tend to make higher budget estimates concerning epistemic uncertainty, especially when they feel more knowledgeable.



Citation:

Gülden Ülkümen, David Tannenbaum , and Craig Fox (2013) ,"Distinguishing Two Forms of Consumer Uncertainty", in NA - Advances in Consumer Research Volume 41, eds. Simona Botti and Aparna Labroo, Duluth, MN : Association for Consumer Research, Pages: .

Authors

Gülden Ülkümen, University of Southern California, USA
David Tannenbaum , University of California Los Angeles, USA
Craig Fox , University of California Los Angeles, USA



Volume

NA - Advances in Consumer Research Volume 41 | 2013



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