TY  - GEN
A1  - Oechssler, Jörg
A1  - Roomets, Alex
CY  - Heidelberg
UR  - https://archiv.ub.uni-heidelberg.de/volltextserver/27276/
N2  - 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.
KW  - Ellsberg paradox
KW  -  ambiguity
KW  -  experiment
Y1  - 2019/10//
T3  - Discussion Paper Series / University of Heidelberg, Department of Economics
EP  - 15
TI  - Savage vs. Anscombe-Aumann: An experimental
investigation of ambiguity frameworks
ID  - heidok27276
AV  - public
ER  -