uncertainty are closely related. However, this association is much stronger when the second layer of uncertainty is subjective … probabilities, and (3) are ambiguity non-neutral. By decomposing ambiguity into risk and model uncertainty, and jointly eliciting … the attitudes individuals manifest towards these two types of uncertainty, we characterize individuals' degree of …

expected utility theory. First, Ellsberg performed no actual experiments, and in fact recent empirical evidence on the Ellsberg … expected utility theory …

theory such as the common ratio effect and the violations of the betweenness. Necessary and sufficient conditions for the …

probability). Their stronger axiom, however, embodies a degree of separability analogous to P2. In this note, we obtain …

uncertainty. We find a predominance of non-degenerate probability intervals among subjects for all explored sources, with … paper develops a solution, comprising a preference-based identification of a subject’s probability interval for an event …

This paper uses laboratory experiments to study subjects' assessment of uncertainty resulting from strategic and non … probabilities and examine if they satisfy the law of probability including monotonicity and additivity. Violations from the law are … observed for both uncertainty sources, but are more substantial for strategic uncertainty. In particular, we observe a …

Anscombe and Aumann (1963) offer a definition of subjective probability in terms of comparisons with objective … probabilities. That definition - which has provided the basis for much of the succeeding work on subjective probability - presumes … that the subjective probability of an event is independent of the prize consequences of that event, a property we term …

expected utility theory, assuming instead weaker axioms that merely imply that they are probabilistically sophisticated. We …

Anscombe and Aumann (1963) offer a definition of subjective probability in terms of comparisons with objective … probabilities. That definition - which has provided the basis for much of the succeeding work on subjective probability - presumes … that the subjective probability of an event is independent of the prize consequences of that event, a property we term …