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A dynamic Ellsberg urn experiment

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Date
2012
Dewey
Microéconomie
Sujet
dynamic consistency; updating; ambiguity; Non expected utility preferences; experiment; consequentialism
JEL code
D82; D81; C91
Journal issue
Games and Economic Behavior
Volume
75
Number
2
Publication date
2012
Article pages
625-638
Publisher
Elsevier
DOI
http://dx.doi.org/10.1016/j.geb.2012.01.002
URI
https://basepub.dauphine.fr/handle/123456789/7333
Collections
  • LEDa : Publications
Metadata
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Author
Dominiak, Adam
Dürsch, Peter
Lefort, Jean-Philippe
Type
Article accepté pour publication ou publié
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.

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