TY  - GEN
N2  - We implement an experiment to elicit subjects? ambiguity attitudes in the spirit of Ellsberg?s three-color urn. The procedure includes three design elements that (together) have not been featured in similar experiments: Strict ambiguity preferences, a single decision, and a mechanical randomization device with an unknown distribution (to both subjects and experimenters). We use this device in order to eliminate possible ?strategic? ambiguity related to subjects? beliefs about the experimenters? motivations. In addition, we survey 40 experimental studies on Ellsberg?s two- and three-color problems, and ?nd that, on average, slightly more than half of subjects are classi?ed as ambiguity averse. Our results, with our new design, fall on the low end of the range of results in the surveyed studies, and are comparable to a control test where ?strategic? ambiguity was induced.
T3  - Discussion Paper Series / University of Heidelberg, Department of Economics
TI  - A Test of Mechanical Ambiguity 
EP  - 19
KW  - ambiguity aversion
KW  -  uncertainty
KW  -  experiment
KW  -  Ellsberg.
ID  - heidok16530
AV  - public
A1  - Oechssler, Jörg
A1  - Roomets, Alex
UR  - https://archiv.ub.uni-heidelberg.de/volltextserver/16530/
Y1  - 2014/03//
ER  -