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Ellsberg Revisited: an Experimental Study

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  • Halevy, Yoram

Abstract

An extension to Ellsberg's experiment demonstrates that attitudes to ambiguity and compound objective lotteries are tightly associated. The sample is decomposed into three main groups: subjective expected utility subjects - who reduce compound objective lotteries and are ambiguity neutral, and two groups that exhibit different forms of association between preferences over compound lotteries and ambiguity - corresponding to alternative theoretical models that account for ambiguity averse or seeking behavior.

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File URL: http://faculty.arts.ubc.ca/yhalevy/ua-rocl.pdf
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Bibliographic Info

Paper provided by Vancouver School of Economics in its series Microeconomics.ca working papers with number halevy-05-07-26-11-51-13.

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Length: 34 pages
Date of creation: 26 Jul 2005
Date of revision: 25 Feb 2014
Handle: RePEc:ubc:pmicro:halevy-05-07-26-11-51-13

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Web page: http://www.economics.ubc.ca/

Related research

Keywords: Uncertainty Aversion; Probabilistic Sophistication; Reduction of Compound Lotteries; Non-Expected Utility; Maxmin Expected Utility; Anticipated Utilit;

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