Betting on Machina's reflection example: An experiment on ambiguity

Theory and Decision

Volumn 69, Issue 3, 2010, Pages 375-393

  L'Haridon, Olivier ^b   Placido, Lætitia ^a  

^a Centre National de la Recherche Scientifique   (France)

^b NONE

Author keywords

Ambiguity; Choquet expected utility; Experimental economics

Indexed keywords

AMBIGUITY; CHOICE BEHAVIORS; CHOICE PROBLEMS; CHOQUET EXPECTED UTILITY; EMPIRICAL FINDINGS; EXPERIMENTAL ECONOMICS; NEW APPROACHES; SUBJECTIVE EXPECTED UTILITY;

DECISION MAKING;

EID: 77955919769     PISSN: 00405833     EISSN: 15737187     Source Type: Journal    
DOI: 10.1007/s11238-008-9128-9     Document Type: Article

References (36)

1. M. Abdellaoui F. Vossmann M. Weber 2005 Choice-based elicitation and decomposition of decision weights for gains and losses under uncertainty Management Science 51 9 1384 1399 10.1287/mnsc.1050.0388 (Pubitemid 41394244)
2. Baillon, A., L'Haridon, O., & Placido, L. (2008). Risk, ambiguity, and the rank-dependence axioms: A comment. Working Paper, HEC-Paris School of Management.
3. M. Birnbaum 2008 New paradoxes of risky decision making Psychological Review 115 463 501 10.1037/0033-295X.115.2.463
4. C. Camerer T.H. Ho 1994 Violations of the betweenness axiom and nonlinearity in probability Journal of Risk and Uncertainty 8 2 167 196 10.1007/BF01065371
5. C. Camerer M. Weber 1992 Recent developments in modeling preferences: Uncertainty and ambiguity Journal of Risk and Uncertainty 5 325 370 10.1007/BF00122575
6. H.S. Chew P. Wakker 1996 The comonotonic sure-thing principle Journal of Risk and Uncertainty 12 1 5 27 10.1007/BF00353328 (Pubitemid 126716684)
7. J. Conlisk 1989 Three variants on the allais example American Economic Review 79 3 392 407
8. E. Diecidue P. Wakker 2001 On the intuition of rank-dependent utility Journal of Risk and Uncertainty 23 3 281 298 10.1023/A:1011877808366
9. E. Diecidue P. Wakker M. Zeelenberg 2007 Eliciting decision weights by adapting de finetti's betting-odds method to prospect theory Journal of Risk and Uncertainty 34 3 179 199 10.1007/s11166-007-9011-z
10. D. Ellsberg 1961 Risk, ambiguity and the savage axioms Quarterly Journal of Economics 75 643 669 10.2307/1884324
11. H. Fennema P. Wakker 1996 A test of rank-dependent utility in the context of ambiguity Journal of Risk and Uncertainty 13 1 19 35 10.1007/BF00055336 (Pubitemid 126716702)
12. C. Fox A. Tversky 1995 Ambiguity aversion and comparative ignorance The Quarterly Journal of Economics 110 3 585 603 10.2307/2946693
13. D. Frisch J. Baron 1988 Ambiguity and rationality Journal of Behavioral Decision Making 1 149 157 10.1002/bdm.3960010303
14. I. Gilboa 1987 Expected utility with purely subjective non-additive probabilities Journal of Mathematical Economics 16 1 65 88 10.1016/0304-4068(87) 90022-X
15. I. Gilboa D. Schmeidler 1989 Maxmin expected utility with non-unique prior Journal of Mathematical Economics 18 2 141 153 10.1016/0304-4068(89)90018- 9
16. Y. Halevy 2007 Ellsberg revisited: An experimental study Econometrica 75 2 503 536 10.1111/j.1468-0262.2006.00755.x
17. G. Harrison M. Lau E. Rutström 2007 Estimating risk attitudes in Denmark: A field experiment Scandinavian Journal of Economics 109 2 341 368 10.1111/j.1467-9442.2007.00496.x (Pubitemid 47343315)
18. G. Harrison J. List C. Towe 2007 Naturally occurring preferences and exogenous laboratory experiments: A case study of risk aversion Econometrica 75 2 433 458 10.1111/j.1468-0262.2006.00753.x
19. Hey, J., Lolito, G., & Maffioletti, A. (2007). Choquet ok? Discussion Paper, University of York.
20. D. Kahneman A. Tversky 1979 Prospect theory: An analysis of decision under risk Econometrica 47 263 291 10.2307/1914185
21. O. L'Haridon L. Placido 2008 An allais paradox for generalized expected utility theories? Economic Bulletin 4 19 1 6
22. R. Luce A. Marley 2005 Ranked additive utility representations of gambles: Old and new axiomatizations Journal of Risk and Uncertainty 30 21 62 10.1007/s11166-005-5832-9 (Pubitemid 40389927)
23. Machina, M. (2008). Risk, ambiguity, and the rank-dependence axioms. American Economic Review, forthcoming.
24. McCrimmon, K., & Larsson, S. (1979). Utility theory: Axioms versus paradoxes. In M. Allais, & O. Hagen (Eds.), Expected utility hypotheses and the Allais paradox (pp. 27-145). D. Reidel.
25. Mukerji, S., & Tallon, J. M. (2004). An overview of economic applications of David Schmeidler's models of decision making under uncertainty. In I. Gilboa (Ed.), Uncertainty in economic theory: A collection of essays in honor of David Schmeidler's 65th birthday. Routledge Publishers.
26. J. Quiggin 1982 A theory of anticipated utility Journal of Economic Behavior & Organization 3 4 323 343 10.1016/0167-2681(82)90008-7
27. R. Sarin P. Wakker 1992 A simple axiomatization of nonadditive expected utility Econometrica 60 6 1255 1272 10.2307/2951521
28. Savage, L. (1954). The foundations of statistics (2nd ed., Vol. 1972). Wiley, New York: Dover Publications.
29. D. Schmeidler 1989 Subjective probability and expected utility without additivity Econometrica 57 571 587 10.2307/1911053
30. Siniscalchi, M. (2008). Vector expected utility and attitudes toward variation. Discussion papers, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
31. P. Slovic A. Tversky 1974 Who accepts Savage's axiom? Behavioral Science 19 368 373 10.1002/bs.3830190603
32. A. Tversky D. Kahneman 1992 Advances in prospect theory: Cumulative representation of uncertainty Journal of Risk and Uncertainty 5 297 323 10.1007/BF00122574
33. P. Wakker A. Tversky 1993 An axiomatization of cumulative prospect theory Journal of Risk and Uncertainty 7 2 147 175 10.1007/BF01065812
34. G. Wu 1994 An empirical test of ordinal independence Journal of Risk and Uncertainty 9 39 60 10.1007/BF01073402
35. G. Wu R. Gonzalez 1999 Nonlinear decision weights in choice under uncertainty Management Science 45 1 74 85 10.1287/mnsc.45.1.74
36. Wu, G., & Gonzalez, R. (1999b). Dominance violations and event spitting in decision under uncertainty. Unpublished Manuscript.