title: A Dynamic Ellsberg Urn Experiment
creator: Dominiak, Adam
creator: Dürsch, Peter
creator: Lefort, Jean-Philippe
subject: 330
subject: 330 Economics
description: Two rationality arguments are used to justify the link between conditional and unconditional preferences in decision theory: dynamic consistency and consequentialism. Dynamic consistency requires that ex ante contingent choices are respected by updated preferences. Consequentialism states that only those outcomes which are still possible can matter for updated preferences. We test the descriptive validity of these rationality arguments with a dynamic version of Ellsberg's three color experiment and find that subjects act more often in line with consequentialism than with dynamic consistency.
date: 2009
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/9828/1/dp487.pdf
identifier: DOI:10.11588/heidok.00009828
identifier: urn:nbn:de:bsz:16-opus-98286
identifier:   Dominiak, Adam ; Dürsch, Peter ; Lefort, Jean-Philippe  (2009) A Dynamic Ellsberg Urn Experiment.  [Working paper]     
relation: https://archiv.ub.uni-heidelberg.de/volltextserver/9828/
rights: info:eu-repo/semantics/openAccess
rights: http://archiv.ub.uni-heidelberg.de/volltextserver/help/license_urhg.html
language: eng