TY - JOUR
T1 - An experimental study of updating ambiguous beliefs
AU - Cohen, M.
AU - Gilboa, I.
AU - Jaffray, J. Y.
AU - Schmeidler, D.
PY - 2000
Y1 - 2000
N2 - ‘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.
AB - ‘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.
UR - http://www.scopus.com/inward/record.url?scp=85016669695&partnerID=8YFLogxK
U2 - 10.1017/S1357530900000132
DO - 10.1017/S1357530900000132
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AN - SCOPUS:85016669695
SN - 1357-5309
VL - 5
SP - 123
EP - 133
JO - Risk, Decision and Policy
JF - Risk, Decision and Policy
IS - 2
ER -