eprintid: 27276
rev_number: 20
eprint_status: archive
userid: 3114
dir: disk0/00/02/72/76
datestamp: 2019-10-18 09:53:26
lastmod: 2019-11-05 15:09:49
status_changed: 2019-10-18 09:53:26
type: workingPaper
metadata_visibility: show
creators_name: Oechssler, Jörg
creators_name: Roomets, Alex
title: Savage vs. Anscombe-Aumann: An experimental
investigation of ambiguity frameworks
subjects: 330
divisions: 181000
keywords: Ellsberg paradox, ambiguity, experiment
abstract: 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
id_scheme: DOI
id_number: 10.11588/heidok.00027276
schriftenreihe_cluster_id: sr-3
schriftenreihe_order: 0672
ppn_swb: 167974657X
own_urn: urn:nbn:de:bsz:16-heidok-272764
language: eng
bibsort: OECHSSLERJSAVAGEVSAN201910
full_text_status: public
series: Discussion Paper Series / University of Heidelberg, Department of Economics
volume: 0672
place_of_pub: Heidelberg
pages: 15
citation:   Oechssler, Jörg ; Roomets, Alex  (2019) Savage vs. Anscombe-Aumann: An experimental investigation of ambiguity frameworks.  [Working paper]     
document_url: https://archiv.ub.uni-heidelberg.de/volltextserver/27276/4/Oechssler_2019.pdf