Testing choquet expected utility

Mangelsdorff, Lukas ; Weber, Martin

DOI: https://doi.org/10.1016/0167-2681(94)90109-0
URL: https://www.sciencedirect.com/science/article/pii/...
Additional URL: https://ideas.repec.org/a/eee/jeborg/v25y1994i3p43...
Document Type: Article
Year of publication: 1994
The title of a journal, publication series: Journal of Economic Behavior & Organization : JEBO
Volume: 25
Issue number: 3
Page range: 437-457
Place of publication: Amsterdam
Publishing house: Elsevier
ISSN: 0167-2681
Publication language: English
Institution: Business School > ABWL u. Finanzwirtschaft, insbes. Bankbetriebslehre (Weber -2017)
Subject: 150 Psychology
330 Economics
Classification: JEL: D81,
Keywords (English): Ellsberg paradox , Ambiguity Choquet expected utility , Nonadditive probabilities , Experimental economics
Abstract: Many theories have been developed to model decision behavior under ambiguity. In this paper we empirically investigate Choquet expected utility, which is based on nonadditive probabilities. We first replicate Ellsberg paradox behavior. Then we elicit nonadditive probabilities (called capacities) for individual decision makers. Those capacities did not have all properties theoretically required by CEU. Finally we found that CEU is not really superior to EU in predicting the participants' decisions.

Dieser Eintrag ist Teil der Universitätsbibliographie.

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