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We report a portfolio-choice experiment that enables us to estimate parametric models of ambiguity aversion at the …
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. Using an experiment with online workers, we find that subjects choose the risky lottery rather than a sure payment …
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This paper investigates how the possibility of affecting group composition combined with the possibility of repeated interaction impacts cooperation within groups and surplus distribution. We developed and tested experimentally a Surplus Allocation Game where cooperation of four agents is needed...
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prices can be measured through the context of the indirect utility function (IUF) using a lab experiment. First, the paper … introduces the main elements of the duality theory (DT) in economics. Next, it proposes the context of IUFs as a suitable … experiment using a series of relevant statistical tests. This study uses the multiple price list (MPL) method, which has been one …
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experiment where the decision maker draws twice with replacement in the typical Ellsberg two-color urns, but with a different …
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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...
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