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Journal Articles Risk, Decision, and Policy Year : 2000

An Experimental Study of Updating Ambiguous Beliefs

Michèle Cohen
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J.Y. Jaffray
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Abstract

Ambiguous beliefs are beliefs which are inconsistent with a unique, additive prior. The problem of their update in face of new information has been dealt with in the theoretical literature, and received several contradictory answers. In particular, the maximum likelihood update and the full Bayesian update have been axiomatized. This experimental study attempts to test the descriptive validity of these two theories by using the Ellsberg experiment framework.
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Dates and versions

hal-00752307 , version 1 (15-11-2012)

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  • HAL Id : hal-00752307 , version 1

Cite

Itzhak Gilboa, Michèle Cohen, J.Y. Jaffray, David Schmeidler. An Experimental Study of Updating Ambiguous Beliefs. Risk, Decision, and Policy, 2000, vol. 5, issue 02, pp. 123-133. ⟨hal-00752307⟩

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