Both economists and psychologists are interested in understanding decision making under uncertainty. Yet, they rely on different concepts to analyze human behaviour: Economists use economic preference parameters rooted in utility theory, while psychologists use personality traits to describe responses to uncertain situations. Using a sample of university students, this study examines and contrasts 5 economic preference parameters and 6 psychological personality traits that are commonly used in the literature for studying individuals' attitudes towards uncertainty. A novelty of
this paper is to consider both the economic concept of ambiguity aversion as well as the personality trait of ambiguity intolerance. We analyze the relation between these measures, along with their influence on a variety of real life outcomes. Our main result shows that the psychological personality trait of ambiguity intolerance is considerably more related to selected important life outcomes than standard economic preference parameters.