Results 11 to 20 of about 506 (164)
Ellsberg paradox: Ambiguity and complexity aversions compared
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 lottery, through risky but more complex lotteries, to one similar to Ellsberg’s ambiguity urn.
Jaromir Kovarik, Dan Levin, Levin Dan
exaly +6 more sources
An Ellsberg paradox for ambiguity aversion
, 2022 Version of ...
Kuzmics, Christoph +2 more
core +5 more sources
Affective Decision Making and the Ellsberg Paradox [PDF]
SSRN Electronic Journal, 2008 Affective decision-making is a strategic model of choice under risk and uncertainty where we posit two cognitive processes -- the "rational" and the "emoitonal" process. Observed choice is the result of equilibirum in this intrapersonal game. As an example, we present applications of affective decision-making in insurance markets, where the risk ...
Anat Bracha, Donald Brown
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, 2015 This paper proposes a model of expected utility maximization which accounts for the Ellsberg paradox and for Machina’s extension of it. In the model, decision makers use a commutative ring in which the real numbers are embedded as a subring, and they do so in order to decompose their beliefs into ‘ambiguous’ or ‘unambiguous’ parts – with unambiguous ...
Sharpe, KA ; https://orcid.org/
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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
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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.
Ali Al-Nowaihi
exaly +2 more sources
Modeling the Ellsberg Paradox by Argument Strength [PDF]
CoRR, 2017 We present a formal measure of argument strength, which combines the ideas that conclusions of strong arguments are (i) highly probable and (ii) their uncertainty is relatively precise. Likewise, arguments are weak when their conclusion probability is low or when it is highly imprecise.
Pfeifer, Niki, Pankka, Hanna
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Daniel Ellsberg on the Ellsberg Paradox [PDF]
, 2015 Even though Daniel Ellsberg’s 1961 article “Risk, ambiguity and the Savage axioms” is well-known and increasingly quoted in current decision theory, introducing the counterexample to Bayesian decision-making that got the normative value of Savage’s theory into trouble, its philosophical background remains totally unknown. This paper examines Ellsberg’s
ZAPPIA, CARLO
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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
A Unified, Resource-Rational Account of the Allais and Ellsberg Paradoxes. [PDF]
, 2021 Decades of empirical and theoretical research on human decision-making has broadly categorized it into two, separate realms: decision-making under risk and decision-making under uncertainty, with the Allais paradox and the Ellsberg paradox being a prominent example of each, respectively.
Nobandegani, Ardavan S. +2 more
openaire +2 more sources