Ellsberg Revisited: an Experimental Study
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.
|Date of creation:||26 Jul 2005|
|Date of revision:||25 Feb 2014|
|Contact details of provider:|| Web page: http://www.economics.ubc.ca/|
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