title: Savage vs. Anscombe-Aumann: An experimental  investigation of ambiguity frameworks
creator: Oechssler, Jörg
creator: Roomets, Alex
subject: 330
subject: 330 Economics
description: The Savage and the Anscombe-Aumann frameworks are the two most popular approaches used when modeling ambiguity. The former is more flexible, but the latter is often preferred for its simplicity. We conduct an experiment where subjects place bets on the joint outcome of an ambiguous urn and a fair coin. We document that more than a third of our subjects make choices that are incompatible with Anscombe-Aumann for any preferences, while the Savage framework is flexible enough to accountfor subjects' behaviors.
date: 2019-10
type: Working paper
type: info:eu-repo/semantics/workingPaper
type: NonPeerReviewed
format: application/pdf
identifier: https://archiv.ub.uni-heidelberg.de/volltextserverhttps://archiv.ub.uni-heidelberg.de/volltextserver/27276/4/Oechssler_2019.pdf
identifier: DOI:10.11588/heidok.00027276
identifier: urn:nbn:de:bsz:16-heidok-272764
identifier:   Oechssler, Jörg ; Roomets, Alex  (2019) Savage vs. Anscombe-Aumann: An experimental investigation of ambiguity frameworks.  [Working paper]     
relation: https://archiv.ub.uni-heidelberg.de/volltextserver/27276/
rights: info:eu-repo/semantics/openAccess
rights: http://archiv.ub.uni-heidelberg.de/volltextserver/help/license_urhg.html
language: eng