Chew, Soo-Hong; Miao, Bin; Zhong, Songfa - In: Quantitative Economics 14 (2023) 3, pp. 1133-1162
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...