Yang, Chun-lei; Yao, Lan - In: Quantitative economics : QE ; journal of the … 8 (2017) 1, pp. 219-238
utility all predict unequivocally that risk-averse decision makers (DMs) will avoid the 50 - 50 urn that exhibits the highest … experiment where the decision maker draws twice with replacement in the typical Ellsberg two-color urns, but with a different … risk conceivable, while risk-seeking DMs do the opposite. However, we observe a substantial number of violations in the …