Comparing ambiguous urns with different sizes

• 成果类型: Article
• 署名作者: Filiz-Ozbay, Emel; Gulen, Huseyin; Masatlioglu, Yusufcan; Ozbay, Erkut Y.
• 署名单位: University System of Maryland; University of Maryland College Park; Purdue University System; Purdue University
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/j.jet.2021.105224
• 发表日期: 2022
• 关键词: Ambiguity; RISK; Ratio bias; Ellsberg's experiment

摘要

We investigate experimentally preferences between different ambiguous processes generated by two-color Ellsberg urns. By providing symmetric information on urns with different numbers of beads and keeping the information on the most optimistic, pessimistic, and equal probability of winning possibilities the same, we elicit subjects' preferences for the size of an ambiguous urn. Subjects prefer the bets from the ambiguous urns with more beads. We analyze the role of ambiguity aversion and ratio bias of subjects in this behavior. We study the restrictions that our findings impose on the existing ambiguity models. Published by Elsevier Inc.