Econometrica

Journal Of The Econometric Society

An International Society for the Advancement of Economic
Theory in its Relation to Statistics and Mathematics

Edited by: Guido W. Imbens • Print ISSN: 0012-9682 • Online ISSN: 1468-0262

Econometrica: Mar, 2007, Volume 75, Issue 2

Ellsberg Revisited: An Experimental Study

https://doi.org/10.1111/j.1468-0262.2006.00755.x
p. 503-536

Yoram Halevy

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.


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Supplemental Material

Ellsberg Revisited: an Experimental Study: Instructions and Data

This document contains the instructions used for the study, as well as complete data.

Ellsberg Revisited: an Experimental Study: Instructions and Data

This document contains the instructions used for the study, as well as complete data.

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