Savage vs. Anscombe-Aumann: an experimental investigation of ambiguity frameworks
The Savage and the Anscombe–Aumann frameworks are the two most popular approaches used when modeling ambiguity. The former is more flexible, but the latter is often preferred for its simplicity. We conduct an experiment where subjects place bets on the joint outcome of an ambiguous urn and a fair co...
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| Published in | Theory and decision Vol. 90; no. 3-4; pp. 405 - 416 |
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| Main Authors | , |
| Format | Journal Article |
| Language | English |
| Published |
New York, NY
Springer US
01.05.2021
Springer Nature B.V |
| Subjects | |
| Online Access | Get full text |
| ISSN | 1573-7187 0040-5833 1573-7187 |
| DOI | 10.1007/s11238-020-09778-w |
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| Abstract | The Savage and the Anscombe–Aumann frameworks are the two most popular approaches used when modeling ambiguity. The former is more flexible, but the latter is often preferred for its simplicity. We conduct an experiment where subjects place bets on the joint outcome of an ambiguous urn and a fair coin. We document that more than a third of our subjects make choices that are incompatible with Anscombe–Aumann for any preferences, while the Savage framework is flexible enough to account for subjects’ behaviors. |
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| AbstractList | The Savage and the Anscombe–Aumann frameworks are the two most popular approaches used when modeling ambiguity. The former is more flexible, but the latter is often preferred for its simplicity. We conduct an experiment where subjects place bets on the joint outcome of an ambiguous urn and a fair coin. We document that more than a third of our subjects make choices that are incompatible with Anscombe–Aumann for any preferences, while the Savage framework is flexible enough to account for subjects’ behaviors. |
| Author | Roomets, Alex Oechssler, Jörg |
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| CitedBy_id | crossref_primary_10_1007_s00199_024_01613_5 |
| Cites_doi | 10.1007/s00199-011-0649-z 10.1006/jeth.1996.0107 10.1016/0304-4068(89)90018-9 10.1007/s11238-008-9128-9 10.1257/aer.99.1.385 10.1016/j.geb.2019.07.007 10.2307/1911053 10.1214/aoms/1177704255 10.3982/ECTA6727 10.1007/s00199-015-0913-8 10.1111/j.1468-0262.2006.00755.x 10.2307/1884324 10.1016/j.econlet.2013.11.029 10.1007/PL00004201 10.1257/aer.104.12.3814 10.1023/A:1004994630014 |
| ContentType | Journal Article |
| Copyright | The Author(s) 2020 The Author(s) 2020. This work is published under http://creativecommons.org/licenses/by/4.0/ (the “License”). Notwithstanding the ProQuest Terms and Conditions, you may use this content in accordance with the terms of the License. |
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| References | Schmeidler (CR16) 1989; 57 Seo (CR17) 2009; 77 Klibanoff (CR9) 2001; 18 Anscombe, Aumann (CR1) 1963; 34 Machina (CR11) 2009; 99 Eichberger, Kelsey (CR4) 1999; 46 Gilboa, Schmeidler (CR7) 1989; 18 Ellsberg (CR6) 1961; 75 Savage (CR15) 1954 Oechssler, Rau, Roomets (CR13) 2019; 117 Eichberger, Kelsey (CR3) 1996; 71 Dominiak, Schnedler (CR2) 2011; 48 L’Haridon, Placido (CR10) 2010; 69 Eichberger, Grant, Kelsey (CR5) 2016; 62 Machina (CR12) 2014; 104 Halevy (CR8) 2007; 75 Oechssler, Roomets (CR14) 2014; 122 FJ Anscombe (9778_CR1) 1963; 34 K Seo (9778_CR17) 2009; 77 J Eichberger (9778_CR4) 1999; 46 L Savage (9778_CR15) 1954 D Schmeidler (9778_CR16) 1989; 57 O L’Haridon (9778_CR10) 2010; 69 I Gilboa (9778_CR7) 1989; 18 J Eichberger (9778_CR3) 1996; 71 J Oechssler (9778_CR13) 2019; 117 A Dominiak (9778_CR2) 2011; 48 MJ Machina (9778_CR12) 2014; 104 Y Halevy (9778_CR8) 2007; 75 MJ Machina (9778_CR11) 2009; 99 J Oechssler (9778_CR14) 2014; 122 J Eichberger (9778_CR5) 2016; 62 D Ellsberg (9778_CR6) 1961; 75 P Klibanoff (9778_CR9) 2001; 18 |
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| SubjectTerms | Ambiguity Behavioral/Experimental Economics Economic Theory/Quantitative Economics/Mathematical Methods Economics Economics and Finance Ellsberg paradox Expected utility Experiment Experiments Finance Flexibility Game Theory Insurance Management Operations Research/Decision Theory Preferences Questionnaires Random variables Simplicity Social and Behav. Sciences Statistics for Business |
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| Title | Savage vs. Anscombe-Aumann: an experimental investigation of ambiguity frameworks |
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