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Decision confidence in the Ellsberg experiment

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  • Duersch, Peter

Abstract

Subjects are asked to report their confidence in their own decisions regarding the Ellsberg three color urn. Subjective confidence is measured via a 5 point Likert scale. Surprisingly, subjects are more confident in their answer for the more complicated two color question, compared to the simple one color question. This is robust across a wide range of experimental contexts.

Suggested Citation

  • Duersch, Peter, 2015. "Decision confidence in the Ellsberg experiment," Working Papers 0594, University of Heidelberg, Department of Economics.
    • Handle: RePEc:awi:wpaper:0594
    Note: This paper is part of http://archiv.ub.uni-heidelberg.de/volltextserver/view/schriftenreihen/sr-3.html
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    References listed on IDEAS

    as
    1. Daniel Ellsberg, 1961. "Risk, Ambiguity, and the Savage Axioms," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 75(4), pages 643-669.
    2. Duersch, Peter & Römer, Daniel & Roth, Benjamin, 2013. "Intertemporal stability of ambiguity preferences," Working Papers 0548, University of Heidelberg, Department of Economics.
    3. Dominiak, Adam & Duersch, Peter, 2015. "Benevolent and Malevolent Ellsberg Games," Working Papers 0592, University of Heidelberg, Department of Economics.
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    Keywords

    Ellsberg experiment; Confidence;

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