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.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by Vancouver School of Economics in its series Microeconomics.ca working papers with number halevy-05-07-26-11-51-13.
Length: 34 pages
Date of creation: 26 Jul 2005
Date of revision: 25 Feb 2014
Contact details of provider:
Web page: http://www.economics.ubc.ca/
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)
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
This item has more than 25 citations. To prevent cluttering this page, these citations are listed on a separate page. reading list or among the top items on IDEAS.Access and download statisticsgeneral information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Maureen Chin).
If references are entirely missing, you can add them using this form.