Ambiguity and Risk Measures in the Lab and Students’ Real-Life Borrowing Behavior

•Relatively few studies investigate the external validity of ambiguity aversion.•We also consider the concepts of likelihood insensitivity and risk aversion.•We relate these measures to students’ decision to take out a loan.•We do not find any relationship between these measures and student borrowing.•The external validity of lab-elicited ambiguity and risk measures are unconvincing.