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An experimental study of updating ambiguous beliefs

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Author Info
COHEN, M.
GILBOA, I.
JAFFRAY, J.Y.
SCHMEIDLER, D.

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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.

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Publisher Info
Article provided by Cambridge University Press in its journal Risk, Decision and Policy.

Volume (Year): 5 (2000)
Issue (Month): 02 (June)
Pages: 123-133
Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Handle: RePEc:cup:rdepol:v:5:y:2000:i:02:p:123-133_00

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  1. Mayumi Horie, 2007. "A General Update Rule for Convex Capacities," KIER Working Papers 644, Kyoto University, Institute of Economic Research. [Downloadable!]
  2. Alberto Naudon & Matías Tapia & Felipe Zurita, 2004. "Ignorance, Fixed Costs, and the Stock-Market Participation Puzzle," Documentos de Trabajo 262, Instituto de Economía. Pontificia Universidad Católica de Chile.. [Downloadable!]
    Other versions:
  3. Mark Machina, 2002. "Robustifying the Classical Model of Risk Preferences and Beliefs," University of California at San Diego, Economics Working Paper Series 2002-06, Department of Economics, UC San Diego. [Downloadable!]
  4. Marciano Siniscalchi, 2001. "Bayesian Updating for General Maxmin Expected Utility Preferences," Discussion Papers 1366, Northwestern University, Center for Mathematical Studies in Economics and Management Science. [Downloadable!]
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