Binmore, Ken; Stewart, Lisa; Voorhoeve, Alex - In: Journal of Risk and Uncertainty 45 (2012) 3, pp. 215-238
substantially better than rival theories in our experiment, with ambiguity aversion appearing only as a secondary phenomenon …Experimental results on the Ellsberg paradox typically reveal behavior that is commonly interpreted as ambiguity … aversion. The experiments reported in the current paper find the objective probabilities for drawing a red ball that make …