
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
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Type
Article accepté pour publication ou publiéDate
2012Journal name
Games and Economic BehaviorVolume
75Number
2Publisher
Elsevier
Pages
625-638
Publication identifier
Metadata
Show full item recordAbstract (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 / Keywords
dynamic consistency; updating; ambiguity; Non expected utility preferences; experiment; consequentialismRelated items
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