Ellsberg Revisited: an Experimental Study
AbstractAn 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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Bibliographic InfoPaper provided by Microeconomics.ca Website in its series Micro Theory Working Papers with number halevy-05-07-26-11-51-13.
Length: 34 pages
Date of creation: 26 Jul 2005
Date of revision: 07 Jun 2008
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Uncertainty Aversion; Probabilistic Sophistication; Reduction of Compound Lotteries; Non-Expected Utility; Maxmin Expected Utility; Anticipated Utilit;
Other versions of this item:
- D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
- C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior
This paper has been announced in the following NEP Reports:
- NEP-ALL-2005-08-13 (All new papers)
- NEP-CBE-2005-08-13 (Cognitive & Behavioural Economics)
- NEP-EXP-2005-08-13 (Experimental Economics)
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