A dynamic Ellsberg urn experiment

Many theories of updating under ambiguity assume either dynamic consistency or consequentialism to underpin behaviorally the link between conditional and unconditional preferences. To test the descriptive validity of these rationality concepts, we conduct a dynamic extension of Ellsbergʼs 3-color experiment. We find that more subjects act in line with consequentialism than with dynamic consistency and that this result is even stronger among ambiguity averse subjects.

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Year of publication:	2012
Authors:	Dominiak, Adam ; Duersch, Peter ; Lefort, Jean-Philippe
Published in:	Games and Economic Behavior. - Elsevier, ISSN 0899-8256. - Vol. 75.2012, 2, p. 625-638
Publisher:	Elsevier
Subject:	Non-expected utility preferences \| Ambiguity \| Updating \| Dynamic consistency \| Consequentialism \| Experiment

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Type of publication:	Article
Classification:	C91 - Laboratory, Individual Behavior ; D81 - Criteria for Decision-Making under Risk and Uncertainty
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10011049819