Abstract: In this paper we elicit preferences for the classical three-color Ellsberg Paradax employing three different methods, choices, minimal selling prices and maximal buying prices. The resulting data reveal a high frequency of preference reversal which not have been analyzed before in...

The security level models of Gilboa (1988) and of Jaffray (1988) as well as the security and potential level model of Cohen (1992) accomodate succesfully classical Allais paradoxa while they offer an interesting explanation for their occurrence. However, experimental data suggest a systematic...