Smarter in the Long-Term: Diminishing Ambiguity Aversion in a Repeated Ellsberg Urn Task
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منابع مشابه
Size doesn't really matter: ambiguity aversion in Ellsberg urns with few balls.
When attempting to draw a ball of a specified color either from an urn containing 50 red balls and 50 black balls or from an urn containing an unknown ratio of 100 red and black balls, a majority of decision makers prefer the known-risk urn, and this ambiguity aversion effect violates expected utility theory. In an experimental investigation of the effect of urn size on ambiguity aversion, 149 ...
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0167-4870/$ see front matter 2009 Elsevier B.V doi:10.1016/j.joep.2009.02.001 * Corresponding author. Tel.: +886 6 253 3131. E-mail addresses: [email protected] (H.-H. Liu) In two experiments, decision makers chose between risky and ambiguous gambles under conditions of both single (unrepeated) and multiply repeated choices. The gambles were presented either as modified Ellsberg urn choices or a...
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In his PhD thesis, Ellsberg formulated strong experimental conditions for his proposed tests of subjective expected utility theory. Subjects should have no reason to consider the motives of the urn filler. Standard incentivized experiments do not meet these conditions. Instead of a one-person decision problem, the task can be perceived as a two-player game. One player chooses among the bets. Th...
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