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An experimental study of updating ambiguous beliefs

Author

Listed:
  • COHEN, M.
  • GILBOA, I.
  • JAFFRAY, J.Y.
  • SCHMEIDLER, D.

Abstract

‘Ambiguous beliefs’ are beliefs which are inconsistent with a unique, additive prior. The problem of their update in face of new information has been dealt with in the theoretical literature, and received several contradictory answers. In particular, the ‘maximum likelihood update’ and the ‘full Bayesian update’ have been axiomatized. This experimental study attempts to test the descriptive validity of these two theories by using the Ellsberg experiment framework.

Suggested Citation

  • Cohen, M. & Gilboa, I. & Jaffray, J.Y. & Schmeidler, D., 2000. "An experimental study of updating ambiguous beliefs," Risk, Decision and Policy, Cambridge University Press, vol. 5(2), pages 123-133, June.
    • Handle: RePEc:cup:rdepol:v:5:y:2000:i:02:p:123-133_00
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