A dynamic Ellsberg urn experiment

• 成果类型: Article
• 署名作者: Dominiak, Adam; Duersch, Peter; Lefort, Jean-Philippe
• 署名单位: Ruprecht Karls University Heidelberg
• 刊物名称: GAMES AND ECONOMIC BEHAVIOR
• ISSN/ISSBN: 0899-8256
• DOI: 10.1016/j.geb.2012.01.002
• 发表日期: 2012
• 页码: 625-638
• 关键词: Non-expected utility preferences; ambiguity; updating; dynamic consistency; consequentialism; experiment

摘要

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 Ellsberg's 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. (C) 2012 Elsevier Inc. All rights reserved.