Ellsberg Revisited: an Experimental Study
نویسنده
چکیده
Ellsbergs experiment is extended to study the association between ambiguity aversion and violation of reduction of compound lotteries. It is shown that the two phenomena are strongly associated. Further analysis reveals two di¤erent forms of association, which correspond to alternative theoretical models that account for ambiguity attitudes. JEL Classi cation: D81, C91.
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