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Two examples of ambiguity aversion

Blavatskyy, P.R. (2013) Two examples of ambiguity aversion. Economics Letters, 118 (1). pp. 206-208.

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We consider two plausible and even natural examples of ambiguity aversion: the classical Ellsberg (1961) two-color paradox and a variant of the Machina (2009) reflection example. We extend the results of Baillon etal. (2011) and demonstrate that these two examples challenge the descriptive validity of Siniscalchi (2009) vector expected utility and the model of Nau (2006).

Item Type: Journal Article
Publisher: Elsevier
Copyright: © 2012 Elsevier B.V.
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