An Experimental Study of Updating Ambiguous Beliefs

Abstract : Ambiguous beliefs are beliefs which are inconsistent with a unique, additive prior. The problem of their update in face of new information has been dealt with in the theoretical literature, and received several contradictory answers. In particular, the maximum likelihood update and the full Bayesian update have been axiomatized. This experimental study attempts to test the descriptive validity of these two theories by using the Ellsberg experiment framework.
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Risk, Decision, and Policy, 2000, vol. 5, issue 02, pp. 123-133
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Contributeur : Amaury Bouvet <>
Soumis le : jeudi 15 novembre 2012 - 13:44:14
Dernière modification le : jeudi 15 novembre 2012 - 13:44:14

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  • HAL Id : hal-00752307, version 1

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Itzhak Gilboa, Michèle Cohen, J.Y. Jaffray, David Schmeidler. An Experimental Study of Updating Ambiguous Beliefs. Risk, Decision, and Policy, 2000, vol. 5, issue 02, pp. 123-133. 〈hal-00752307〉

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