Keynes (1921) and Ellsberg (1961) have articulated an aversion toward betting on an urn containing balls of two colors of unknown proportion to one with a 50-50 composition. Keynes views this as reflecting different preferences for bets arising from different sources of uncertainty. Ellsberg...

This paper investigates attitude towards partial ambiguity. In a laboratory setting, we study three symmetric variants of the ambiguous urn in Ellsberg's 2-urn paradox by varying the possible compositions of red and black cards in a 100-card deck. Subjects value betting on a deck with a smaller...

We extend Ellsberg's two-urn paradox and propose three symmetric forms of partial ambiguity by limiting the possible compositions in a deck of 100 red and black cards in three ways. Interval ambiguity involves a symmetric range of 50-n to 50 n red cards. Complementarily, disjoint ambiguity...

We run an experiment designed to elicit preferences over state contingent, timed payouts. We analyze the data using a new revealed preference method (building on Nishimura, Ok, and Quah (2017)) that can test for consistency with utility functions that increase with a given preorder. Using this...