Schneider, Florian; Schonger, Martin - 2017 - Revised version
Most models of ambiguity aversion satisfy Anscombe-Aumann's Monotonicity axiom. Monotonicity imposes separability of … preferences across events that occur with unknown probability. We construct a test of Monotonicity by modifying the Allais paradox …, modal behavior violates Monotonicity in a specific, intuitive way. Overall, our data suggest that violations of Monotonicity …