The completeness axiom of choice has been questioned for long, and in response, theoretical models of decision making … decision tasks where specific choice patterns are consistent with incomplete preferences under uncertainty but inconsistent …

verdict. In this experiment we examine the relationship between evidence of which the strength is known, subjective … acquired. Roughly half of the participants do not base their decision on a subjective belief of the probability of guilt. The …

decision and to the decision itself based on this information. I focus on urn decisions and conduct treatments that consider … two ambiguous urns according to several heuristics. In contrast, personality traits and an individual’s primary decision …

We implement an experiment to elicit subjects’ ambiguity attitudes in the spirit of Ellsberg’s three-color urn. The … preferences, a single decision, and a mechanical randomization device with an unknown distribution (to both subjects and …

The decision how to share resources with others often needs to be taken under uncertainty on its allocational … interact in such situations. In this paper we provide experimental evidence on this question. In a first experiment givers are … the realized state of the world. In a second experiment, risk affects the earnings of givers but not of beneficiaries. We …

This paper focuses on information acquisition and individual decision making in ambiguous situations and presents a …, subjects can reduce or even eliminate the ambiguity and turn the decision situation into one of risk. Under the assumption that … an ambiguity averse subject should reduce ambiguity within a decision process we predicted that these subjects would …

%). Interestingly, for subjects who are able to recall their decision after two months correctly, the share of consistent choices does …

experiment where the decision maker draws twice with replacement in the typical Ellsberg two-color urns, but with a different … utility all predict unequivocally that risk-averse decision makers (DMs) will avoid the 50 - 50 urn that exhibits the highest …

A donation may have ambiguous costs or ambiguous benefits. Behavior in a laboratory experiment suggests that …

We report a portfolio-choice experiment that enables us to estimate parametric models of ambiguity aversion at the …