A dynamic Ellsberg urn experiment
Dominiak, Adam; Dürsch, Peter; Lefort, Jean-Philippe (2012), A dynamic Ellsberg urn experiment, Games and Economic Behavior, 75, 2, p. 625-638. http://dx.doi.org/10.1016/j.geb.2012.01.002
TypeArticle accepté pour publication ou publié
Journal nameGames and Economic Behavior
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Abstract (EN)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.
Subjects / Keywordsdynamic consistency; updating; ambiguity; Non expected utility preferences; experiment; consequentialism
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