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We run an experiment that gives subjects the opportunity to hedge away ambiguity in an Ellsberg-style experiment …
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uncertainty. Viewed as a thought experiment, the Allais Horse Race allows for introspective assessment of Monotonicity …. Implementing it as an incentivized experiment, we find that the modal choice of subjects violates Monotonicity in a specific …
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The results of an experiment extending Ellsberg's setup demonstrate that attitudes towards ambiguity and compound …
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