An Experimental Investigation of Updating under Ambiguity
Author
Abstract
Suggested Citation
Download full text from publisher
References listed on IDEAS
- Dimmock, Stephen G. & Kouwenberg, Roy & Mitchell, Olivia S. & Peijnenburg, Kim, 2016. "Ambiguity aversion and household portfolio choice puzzles: Empirical evidence," Journal of Financial Economics, Elsevier, vol. 119(3), pages 559-577.
- Peter Klibanoff & Massimo Marinacci & Sujoy Mukerji, 2005.
"A Smooth Model of Decision Making under Ambiguity,"
Econometrica, Econometric Society, vol. 73(6), pages 1849-1892, November.
- Peter Klibanoff & Massimo Marinacci & Sujoy Mukerji, 2002. "A smooth model of decision making under ambiguity," ICER Working Papers - Applied Mathematics Series 11-2003, ICER - International Centre for Economic Research, revised Apr 2003.
- Sujoy Mukerji & Peter Klibanoff & Northwesern University Massimo Marinacci & Dip. di Satistic e Matematica Applicata & Universita di Torino and ICER, 2002. "A Smooth Model of Decision,Making Under Ambiguity," Economics Series Working Papers 113, University of Oxford, Department of Economics.
- Yoram Halevy & Vincent Feltkamp, 2005.
"A Bayesian Approach to Uncertainty Aversion,"
The Review of Economic Studies, Review of Economic Studies Ltd, vol. 72(2), pages 449-466.
- Yoram Halevy & Vincent Feltkamp, "undated". "A Bayesian Approach to Uncentainty Aversion," CARESS Working Papres 99-03, University of Pennsylvania Center for Analytic Research and Economics in the Social Sciences.
- Vincent Feltkamp & Yoram Halevy, 1999. "- A Bayesian Approach To Uncertainty Aversion," Working Papers. Serie AD 1999-14, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
- Yoram Halevy & Vincent Feltkamp, "undated". "A Bayesian Approach to Uncentainty Aversion," Penn CARESS Working Papers f17f3e2c6ad93e4b53fd58fc9, Penn Economics Department.
- Vincent Feltkamp & Yoram Halevy, 2000. "A Bayesian Approach to Uncertainty Aversion," Econometric Society World Congress 2000 Contributed Papers 1125, Econometric Society.
- Feltkamp, Vincent & Halevy, Yoram, 2004. "A Bayesian Approach to Uncertainty Aversion," Microeconomics.ca working papers halevy-04-02-13-07-48-37, Vancouver School of Economics, revised 25 Feb 2014.
- Segal, Uzi, 1990.
"Two-Stage Lotteries without the Reduction Axiom,"
Econometrica, Econometric Society, vol. 58(2), pages 349-377, March.
- Uzi Segal, 1989. "Two-Stage Lotteries Without the Reduction Axiom," UCLA Economics Working Papers 552, UCLA Department of Economics.
- Uzi Segal, 2000. "Two Stage Lotteries Without the Reduction Axiom," Levine's Working Paper Archive 7599, David K. Levine.
- Chambers, Robert G. & Melkonyan, Tigran, 2017. "Ambiguity, reasoned determination, and climate-change policy," Journal of Environmental Economics and Management, Elsevier, vol. 81(C), pages 74-92.
- John D. Hey & Noemi Pace, 2018.
"The explanatory and predictive power of non two-stage-probability theories of decision making under ambiguity,"
World Scientific Book Chapters, in: Experiments in Economics Decision Making and Markets, chapter 6, pages 139-167,
World Scientific Publishing Co. Pte. Ltd..
- John Hey & Noemi Pace, 2014. "The explanatory and predictive power of non two-stage-probability theories of decision making under ambiguity," Journal of Risk and Uncertainty, Springer, vol. 49(1), pages 1-29, August.
- John D Hey & Noemi Pace, "undated". "The Explanatory and Predictive Power of Non Two-Stage-Probability Theories of Decision Making Under Ambiguity," Discussion Papers 11/22, Department of Economics, University of York.
- Noemi Pace & John D Hey, 2011. "The Explanatory and Predictive Power of Non Two-Stage-Probability Theories of Decision Making Under Ambiguity," Working Papers 2011_12, Department of Economics, University of Venice "Ca' Foscari".
- Uri Gneezy & Alex Imas & John List, 2015.
"Estimating Individual Ambiguity Aversion: A Simple Approach,"
Artefactual Field Experiments
00588, The Field Experiments Website.
- Uri Gneezy & Alex Imas & John List, 2015. "Estimating Individual Ambiguity Aversion: A Simple Approach," NBER Working Papers 20982, National Bureau of Economic Research, Inc.
- Uri Gneezy & Alex Imas & John A. List, 2015. "Estimating Individual Ambiguity Aversion: A Simple Approach," CESifo Working Paper Series 5220, CESifo.
- Berger, Loïc & Bleichrodt, Han & Eeckhoudt, Louis, 2013.
"Treatment decisions under ambiguity,"
Journal of Health Economics, Elsevier, vol. 32(3), pages 559-569.
- BERGER, Loïc & BLEICHRODT, Han & EECKHOUDT, Louis, 2013. "Treatment decisions under ambiguity," LIDAM Reprints CORE 2494, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- Loïc Berger & Han Bleichrodt & Louis Eeckhoudt, 2013. "Treatment decisions under ambiguity," Post-Print hal-03027140, HAL.
- L. Berger & H. Bleichrodt & L. Eeckhoudt, 2013. "Treatment decisions under ambiguity," Post-Print hal-00845893, HAL.
- David Ahn & Syngjoo Choi & Douglas Gale & Shachar Kariv, 2014.
"Estimating ambiguity aversion in a portfolio choice experiment,"
Quantitative Economics, Econometric Society, vol. 5, pages 195-223, July.
- David Ahn & Syngjoo Choi & Douglas Gale & Shachar Kariv, 2008. "Estimating Ambiguity Aversion in a Portfolio Choice Experiment," Levine's Working Paper Archive 122247000000001989, David K. Levine.
- Kariv, Shachar & Choi, Syngjoo & Gale, Douglas & Ahn, David, 2009. "Estimating Ambiguity Aversion in a Portfolio Choice Experiment," Department of Economics, Working Paper Series qt2pq172mw, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
- Ahn, David & Choi, Syngjoo & Gale, Douglas & Kariv, Shachar, 2013. "Estimating Ambiguity Aversion in a Portfolio Choice Experiment," Working Papers 13-22, University of Pennsylvania, Wharton School, Weiss Center.
- Segal, Uzi, 1987.
"The Ellsberg Paradox and Risk Aversion: An Anticipated Utility Approach,"
International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 28(1), pages 175-202, February.
- Uzi Segal, 1985. "The Ellsberg Paradox and Risk Aversion: An Anticipated Utility Approach," UCLA Economics Working Papers 362, UCLA Department of Economics.
- Michael Hoy & Richard Peter & Andreas Richter, 2014. "Take-up for genetic tests and ambiguity," Journal of Risk and Uncertainty, Springer, vol. 48(2), pages 111-133, April.
- Hanany Eran & Klibanoff Peter, 2009. "Updating Ambiguity Averse Preferences," The B.E. Journal of Theoretical Economics, De Gruyter, vol. 9(1), pages 1-53, November.
- Yoram Halevy, 2007.
"Ellsberg Revisited: An Experimental Study,"
Econometrica, Econometric Society, vol. 75(2), pages 503-536, March.
- Halevy, Yoram, 2005. "Ellsberg Revisited: an Experimental Study," Microeconomics.ca working papers halevy-05-07-26-11-51-13, Vancouver School of Economics, revised 25 Feb 2014.
- Segal, Uzi, 1988. "Does the Preference Reversal Phenomenon Necessarily Contradict the Independence Axiom?," American Economic Review, American Economic Association, vol. 78(1), pages 233-236, March.
- Charles R. Plott & Kathryn Zeiler, 2005. "The Willingness to Pay–Willingness to Accept Gap, the "Endowment Effect," Subject Misconceptions, and Experimental Procedures for Eliciting Valuations," American Economic Review, American Economic Association, vol. 95(3), pages 530-545, June.
- John D. Hey & Gianna Lotito & Anna Maffioletti, 2018.
"The descriptive and predictive adequacy of theories of decision making under uncertainty/ambiguity,"
World Scientific Book Chapters, in: Experiments in Economics Decision Making and Markets, chapter 8, pages 189-219,
World Scientific Publishing Co. Pte. Ltd..
- John Hey & Gianna Lotito & Anna Maffioletti, 2010. "The descriptive and predictive adequacy of theories of decision making under uncertainty/ambiguity," Journal of Risk and Uncertainty, Springer, vol. 41(2), pages 81-111, October.
- John D Hey & Gianna Lotito & Anna Maffioletti, 2008. "The Descriptive and Predictive Adequacy of Theories of Decision Making Under Uncertainty/Ambiguity," Discussion Papers 08/04, Department of Economics, University of York.
- David Easley & Maureen O'Hara, 2009. "Ambiguity and Nonparticipation: The Role of Regulation," The Review of Financial Studies, Society for Financial Studies, vol. 22(5), pages 1817-1843, May.
- Haluk Ergin & Faruk Gul, 2004. "A subjective theory of compound lotteries," Econometric Society 2004 North American Summer Meetings 152, Econometric Society.
- Gilboa, Itzhak & Schmeidler, David, 1989.
"Maxmin expected utility with non-unique prior,"
Journal of Mathematical Economics, Elsevier, vol. 18(2), pages 141-153, April.
- Gilboa, Itzhak & Schmeidler, David, 1986. "Maxmin Expected Utility with a Non-Unique Prior," Foerder Institute for Economic Research Working Papers 275405, Tel-Aviv University > Foerder Institute for Economic Research.
- Itzhak Gilboa & David Schmeidler, 1989. "Maxmin Expected Utility with Non-Unique Prior," Post-Print hal-00753237, HAL.
- Yaron Azrieli & Christopher P. Chambers & Paul J. Healy, 2018.
"Incentives in Experiments: A Theoretical Analysis,"
Journal of Political Economy, University of Chicago Press, vol. 126(4), pages 1472-1503.
- Paul J. Healy & Yaron Azrieli & Christopher P. Chambers, 2016. "Incentives in Experiments: A Theoretical Analysis," Working Papers 16-03, Ohio State University, Department of Economics.
- Stephen G. Dimmock & Roy Kouwenberg & Peter P. Wakker, 2016. "Ambiguity Attitudes in a Large Representative Sample," Management Science, INFORMS, vol. 62(5), pages 1363-1380, May.
- Julianna M. Butler & Christian A. Vossler, 2018. "What is an Unregulated and Potentially Misleading Label Worth? The case of “Natural”-Labelled Groceries," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 70(2), pages 545-564, June.
- Timothy N. Cason & Charles R. Plott, 2014. "Misconceptions and Game Form Recognition: Challenges to Theories of Revealed Preference and Framing," Journal of Political Economy, University of Chicago Press, vol. 122(6), pages 1235-1270.
- Antony Millner & Simon Dietz & Geoffrey Heal, 2013. "Scientific Ambiguity and Climate Policy," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 55(1), pages 21-46, May.
- 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.
- Ergin, Haluk & Gul, Faruk, 2009. "A theory of subjective compound lotteries," Journal of Economic Theory, Elsevier, vol. 144(3), pages 899-929, May.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Keyu Wu & Ernst Fehr & Sean Hofland & Martin Schonger, 2024.
"On the Psychological Foundations of Ambiguity and Compound Risk Aversion,"
CESifo Working Paper Series
11150, CESifo.
- Wu, Keyu & Fehr, Ernst & Hofland, Sean & Schonger, Martin, 2024. "On the Psychological Foundations of Ambiguity and Compound Risk Aversion," IZA Discussion Papers 17032, Institute of Labor Economics (IZA).
- Keyu Wu & Ernst Fehr & Sean Hofland & Martin Schonger, 2024. "On the psychological foundations of ambiguity and compound risk aversion," ECON - Working Papers 444, Department of Economics - University of Zurich.
- Robin Cubitt & Gijs Kuilen & Sujoy Mukerji, 2018.
"The strength of sensitivity to ambiguity,"
Theory and Decision, Springer, vol. 85(3), pages 275-302, October.
- Robin Cubitt & Gijs van de Kuilen & Sujoy Mukerji, "undated". "The Strength of Sensitivity to Ambiguity," Working Papers 851, Queen Mary University of London, School of Economics and Finance.
- Robin Cubitt & Gijs van de Kuilen & Sujoy Mukerji, 2017. "The Strength of Sensitivity to Ambiguity," Working Papers 836, Queen Mary University of London, School of Economics and Finance.
- Christoph Bühren & Fabian Meier & Marco Pleßner, 2023. "Ambiguity aversion: bibliometric analysis and literature review of the last 60 years," Management Review Quarterly, Springer, vol. 73(2), pages 495-525, June.
- Milos Borozan & Loreta Cannito & Barbara Luppi, 2022. "A tale of two ambiguities: A conceptual overview of findings from economics and psychology," Journal of Behavioral Economics for Policy, Society for the Advancement of Behavioral Economics (SABE), vol. 6(S1), pages 11-21, July.
- David Ahn & Syngjoo Choi & Douglas Gale & Shachar Kariv, 2014.
"Estimating ambiguity aversion in a portfolio choice experiment,"
Quantitative Economics, Econometric Society, vol. 5, pages 195-223, July.
- David Ahn & Syngjoo Choi & Douglas Gale & Shachar Kariv, 2008. "Estimating Ambiguity Aversion in a Portfolio Choice Experiment," Levine's Working Paper Archive 122247000000001989, David K. Levine.
- Kariv, Shachar & Choi, Syngjoo & Gale, Douglas & Ahn, David, 2009. "Estimating Ambiguity Aversion in a Portfolio Choice Experiment," Department of Economics, Working Paper Series qt2pq172mw, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
- Ahn, David & Choi, Syngjoo & Gale, Douglas & Kariv, Shachar, 2013. "Estimating Ambiguity Aversion in a Portfolio Choice Experiment," Working Papers 13-22, University of Pennsylvania, Wharton School, Weiss Center.
- König-Kersting, Christian & Kops, Christopher & Trautmann, Stefan T., 2023. "A test of (weak) certainty independence," Journal of Economic Theory, Elsevier, vol. 209(C).
- Georgalos, Konstantinos, 2021. "Dynamic decision making under ambiguity: An experimental investigation," Games and Economic Behavior, Elsevier, vol. 127(C), pages 28-46.
- Ilke Aydogan & Loïc Berger & Valentina Bosetti, 2023.
"Unraveling Ambiguity Aversion,"
Post-Print
hal-04370668, HAL.
- Ilke AYDOGAN & Loïc BERGER & Valentina BOSETTI, 2023. "Unraveling Ambiguity Aversion," Working Papers 2023-iRisk-01, IESEG School of Management.
- Ilke Aydogan & Loïc Berger & Valentina Bosetti, 2023. "Unraveling Ambiguity Aversion," Post-Print hal-04071242, HAL.
- repec:hal:wpaper:hal-04071242 is not listed on IDEAS
- Prokosheva, Sasha, 2016. "Comparing decisions under compound risk and ambiguity: The importance of cognitive skills," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 64(C), pages 94-105.
- Konstantinos Georgalos, 2019. "An experimental test of the predictive power of dynamic ambiguity models," Journal of Risk and Uncertainty, Springer, vol. 59(1), pages 51-83, August.
- Ilke Aydogan & Loïc Berger & Valentina Bosetti & Ning Liu, 2023.
"Three Layers of Uncertainty,"
Journal of the European Economic Association, European Economic Association, vol. 21(5), pages 2209-2236.
- Ilke Aydogan & Loïc Berger & Valentina Bosetti & Ning Liu, 2022. "Three layers of uncertainty," Working Papers hal-03031751, HAL.
- Ilke Aydogan & Loïc Berger & Valentina Bosetti & Ning Liu, 2023. "Three Layers of Uncertainty," Post-Print hal-04370968, HAL.
- Ilke AYDOGAN & Loïc BERGER & Valentina BOSETTI & Ning LIU, 2022. "Three layers of uncertainty," Working Papers 2022-iRisk-01, IESEG School of Management.
- Evren, Özgür, 2019. "Recursive non-expected utility: Connecting ambiguity attitudes to risk preferences and the level of ambiguity," Games and Economic Behavior, Elsevier, vol. 114(C), pages 285-307.
- Yang, Chun-Lei & Yao, Lan, 2011. "Ellsberg Paradox and Second-order Preference Theories on Ambiguity: Some New Experimental Evidence," MPRA Paper 28531, University Library of Munich, Germany.
- Yoram Halevy & Emre Ozdenoren, 2022.
"Uncertainty and compound lotteries: calibration,"
Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 74(2), pages 373-395, September.
- Halevy, Yoram & Ozdenoren, Emre, 2008. "Uncertainty and Compound Lotteries: Calibration," Microeconomics.ca working papers yoram_halevy-2008-7, Vancouver School of Economics, revised 17 Jun 2008.
- Yoram Halevy & Emre Ozdenoren, 2021. "Uncertainty and Compound Lotteries: Calibration," Working Papers tecipa-713, University of Toronto, Department of Economics.
- Cédric Gutierrez & Emmanuel Kemel, 2024. "Measuring natural source dependence," Experimental Economics, Springer;Economic Science Association, vol. 27(2), pages 379-416, April.
- Constantinos Antoniou & Glenn Harrison & Morten Lau & Daniel Read, 2015. "Subjective Bayesian beliefs," Journal of Risk and Uncertainty, Springer, vol. 50(1), pages 35-54, February.
- Konstantinos Georgalos, 2016. "Dynamic decision making under ambiguity," Working Papers 112111041, Lancaster University Management School, Economics Department.
- repec:hal:journl:hal-03031751 is not listed on IDEAS
- Yu Gao & Zhenxing Huang & Ning Liu & Jia Yang, 2024. "Are physicians rational under ambiguity?," Journal of Risk and Uncertainty, Springer, vol. 68(2), pages 183-203, April.
- Jaromír Kovářík & Dan Levin & Tao Wang, 2016. "Ellsberg paradox: Ambiguity and complexity aversions compared," Journal of Risk and Uncertainty, Springer, vol. 52(1), pages 47-64, February.
- Karni, Edi & Maccheroni, Fabio & Marinacci, Massimo, 2015. "Ambiguity and Nonexpected Utility," Handbook of Game Theory with Economic Applications,, Elsevier.
More about this item
Keywords
uncertainty; ambiguity; updating; multiple priors models; alpha-maxmin expected utility; recursive expected utility; lab experiment; self-protection; subjective expected utility;All these keywords.
JEL classification:
- C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior
- D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
- D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
NEP fields
This paper has been announced in the following NEP Reports:- NEP-CBE-2019-04-29 (Cognitive and Behavioural Economics)
- NEP-EXP-2019-04-29 (Experimental Economics)
- NEP-UPT-2019-04-29 (Utility Models and Prospect Theory)
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ten:wpaper:2019-02. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Scott Holladay (email available below). General contact details of provider: https://edirc.repec.org/data/ecutkus.html .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.