Ellsberg Revisited: an Experimental Study

Yoram Halevy

Microeconomics.ca working papers from Vancouver School of Economics

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.

Keywords: Uncertainty Aversion; Probabilistic Sophistication; Reduction of Compound Lotteries; Non-Expected Utility; Maxmin Expected Utility; Anticipated Utilit (search for similar items in EconPapers)
JEL-codes: C91 D81 (search for similar items in EconPapers)
Pages: 34 pages
Date: 2005-07-26, Revised 2014-02-25
New Economics Papers: this item is included in nep-cbe and nep-exp
References: View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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Journal Article: Ellsberg Revisited: An Experimental Study (2007)
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Persistent link: https://EconPapers.repec.org/RePEc:ubc:pmicro:halevy-05-07-26-11-51-13

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