Hostname: page-component-78c5997874-v9fdk Total loading time: 0 Render date: 2024-11-19T03:54:29.676Z Has data issue: false hasContentIssue false

An experimental study of updating ambiguous beliefs

Published online by Cambridge University Press:  01 June 2000

M. COHEN
Affiliation:
EUREQua, Universite of Paris I, 106-112, Bld de l'Hopital, 75013, Paris, France. Tel: 33 1 44 07 82 27, cohenmd@univ-paris1.fr
I. GILBOA
Affiliation:
Tel Aviv University, igilboa@post.tau.ac.il
J.Y. JAFFRAY
Affiliation:
LIP6, Universite de Paris VI, 4 Place Jussieu, 75252, Paris Cedex 05, Jean-Yves.Jaffray@lip6.fr
D. SCHMEIDLER
Affiliation:
Tel Aviv University and Ohio State University, schmeid@post.tau.ac.il
Get access

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.

Type
Technical article
Copyright
© Risk, Decision and Policy, 2000

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)