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Strategic Ambiguity and Decision-making: An Experimental Study

Dudley Cooke and Sara le Roux ()
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Dudley Cooke: Department of Economics, University of Exeter

No 1605, Discussion Papers from University of Exeter, Department of Economics

Abstract: We conducted a set of experiments to compare the effect of ambiguity in single person decisions and games. Our results suggest that ambiguity has a bigger impact in games than in ball and urn problems. We ?nd that ambiguity has the opposite effect in games of strategic substitutes and complements. This con?rms a theoretical prediction made by Eichberger and Kelsey (2002). The experiments also test whether subjects' ?perception of ambiguity differs when faced by a local opponent as opposed to a foreign one. Our results show that there is little evidence of more in?uence of ambiguity on behaviour when faced by foreign subjects.

Keywords: Ambiguity; Choquet expected utility; strategic complements; strategic substitutes; Ellsberg urn. (search for similar items in EconPapers)
JEL-codes: C72 C91 D03 D81 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cbe, nep-exp, nep-gth, nep-hpe and nep-upt
Date: 2016
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http://people.exeter.ac.uk/RePEc/dpapers/DP1605.pdf (application/pdf)

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Journal Article: Strategic ambiguity and decision-making: an experimental study (2018) Downloads
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