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A randomness device to create the conditions of uncertainty

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  • Loïc Berger

Abstract

The experimental study of decision-making under uncertainty typically builds on Ellsberg-type settings. Yet, as the total number of balls is known in standard Ellsberg’s urns, an implicit constraint is put on the specification of the probability models to consider. In practice, this restricts the ability of Ellsberg’s urns to characterize situations going beyond those of model ambiguity. In this note, I present a simple and easy-to-implement device that creates the initial conditions of uncertainty, which constitute a critical prerequisite for the study of model misspecification.

Suggested Citation

  • Loïc Berger, 2024. "A randomness device to create the conditions of uncertainty," Applied Economics Letters, Taylor & Francis Journals, vol. 31(18), pages 1881-1884, October.
    • Handle: RePEc:taf:apeclt:v:31:y:2024:i:18:p:1881-1884
    DOI: 10.1080/13504851.2023.2208820
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