Results 11 to 20 of about 3,807 (197)
An Ellsberg paradox for ambiguity aversion [PDF]
, 2022 The 1961 Ellsberg paradox is typically seen as an empirical challenge to the subjective expected utility framework. Experiments based on Ellsberg's design have spawned a variety of new approaches, culminating in a new paradigm represented by, now classical, models of ambiguity aversion.
Kuzmics, Christoph +2 more
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A Two-Ball Ellsberg Paradox: An Experiment [PDF]
, 2022 We conduct an incentivized experiment on a nationally representative US sample \\ (N=708) to test whether people prefer to avoid ambiguity even when it means choosing dominated options. In contrast to the literature, we find that 55\% of subjects prefer a risky act to an ambiguous act that always provides a larger probability of winning.
Jabarian, Brian, Lazarus, Simon
openaire +3 more sources
A Unified Theory of Human Judgements and Decision-Making under Uncertainty [PDF]
Entropy, 2020 Growing empirical evidence reveals that traditional set-theoretic structures cannot in general be applied to cognitive phenomena. This has raised several problems, as illustrated, for example, by probability judgement errors and decision-making (DM ...
Raffaele Pisano, Sandro Sozzo
doaj +2 more sources
Ellsberg Paradox: Ambiguity And Complexity Aversions Compared [PDF]
Journal of Risk and Uncertainty, 2016 We present a simple model where preferences with complexity aversion, rather than ambiguity aversion, resolve the Ellsberg paradox. We test our theory using laboratory experiments where subjects choose among lotteries that “range” from a simple risky ...
Kovářík, J., Levin, D., Wang, Tao
core +5 more sources
Quantum Decision Theory and the Ellsberg Paradox [PDF]
SSRN Electronic Journal, 2018 We formulate a simple quantum decision model of the Ellsberg paradox. We report the results of an experiment we performed to test the matching probabilities predicted by this model using an incentive compatible method. We find that the theoretical predictions of the model are in conformity with our experimental results.
al-Nowaihi, Ali +2 more
openaire +4 more sources
SSRN Electronic Journal, 2023 We introduce a novel experimental framework, the two-ball Ellsberg gamble, which allows us to explore a wider range of possible drivers of ambiguity attitudes than usually considered by the literature. In an incentivized experiment on a representative sample from the US with 708 participants, we find that 55% of the subjects prefer avoiding ambiguity ...
Jabarian, Brian, Lazarus, Simon
openaire +3 more sources
Common and Distinct Neural Mechanisms Underlying Risk Seeking and Risk Aversion: Evidence From the Neuroimaging Meta-Analysis. [PDF]
Hum Brain MappA comprehensive meta‐analysis on neuroimaging studies of risk seeking and risk aversion was conducted. Risk seeking and risk aversion involve distinct neural activity. Risk seeking is primarily driven by reward. Risk aversion is largely governed by cognitive control systems.
Ding T, Xian P, Jin S, Liu Z, You X.
europepmc +2 more sources
Testosterone and Cortisol Jointly Predict the Ambiguity Premium in an Ellsberg-Urns Experiment [PDF]
Frontiers in Behavioral Neuroscience, 2017 Previous literature has tried to establish whether and how steroid hormones are related to economic risk-taking. In this study, we investigate the relationship between testosterone (T) and cortisol (C) on one side and attitudes toward risk and ambiguity ...
Giuseppe Danese +3 more
doaj +2 more sources
A Quantum Model for the Ellsberg and Machina Paradoxes [PDF]
, 2012 The Ellsberg and Machina paradoxes reveal that expected utility theory is problematical when real subjects take decisions under uncertainty. Suitable generalizations of expected utility exist which attempt to solve the Ellsberg paradox, but none of them provides a satisfactory solution of the Machina paradox.
Diederik Aerts +2 more
openaire +6 more sources
Quantum Decision Theory, Bounded Rationality and the Ellsberg Paradox [PDF]
Studies in Microeconomics, 2019 We test a simple quantum decision model of the Ellsberg paradox. We find that the theoretical predictions of the model are in conformity with our experimental results. The predictions of our quantum model are not statistically significantly different from those of the source dependent model.
Mengxing Wei +2 more
openaire +2 more sources