Testing choquet expected utility

Lukas Mangelsdorff and Martin Weber

No 285, Manuskripte aus den Instituten für Betriebswirtschaftslehre der Universität Kiel from Christian-Albrechts-Universität zu Kiel, Institut für Betriebswirtschaftslehre

Abstract: Many theories have been developed to model decision behavior under ambiguity. In this paper we empirically investigate theories which are based on non-additive probabilities, i.e. Choquet expected utility (CEU) theories. We first replicated Ellsberg-paradox behavior. Then we elicited the individual non-additive probabilities, the so called capacities. Those capacities did not have all properties theoretically required. Finally we found that CEU is not really superior to EU in predicting the participants' decisions.

Keywords: Ellsberg paradox; ambiguity; Choquet expected utility; non-additive probabilities; experimental economics (search for similar items in EconPapers)
Date: 1992
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Journal Article: Testing choquet expected utility (1994)
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:cauman:285

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