An experimental study of updating ambiguous beliefs

M. Cohen, I. Gilboa, J. Y. Jaffray, D. Schmeidler

Research output: Contribution to journalArticlepeer-review

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.

Original languageEnglish
Pages (from-to)123-133
Number of pages11
JournalRisk, Decision and Policy
Volume5
Issue number2
DOIs
StatePublished - 2000

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