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Title: Size Doesn't Really Matter: Ambiguity Aversion in Ellsberg Urns with Few Balls.
Authors: Pulford, Briony D.
Colman, Andrew M.
First Published: Feb-2008
Publisher: Hogrefe and Huber
Citation: Experimental Psychology, 2008, 55 (1), pp. 31-37
Abstract: When attempting to draw a ball of a specified color either from an urn containing 50 red balls and 50 black balls or from an urn containing an unknown ratio of 100 red and black balls, a majority of decision makers prefer the known-risk urn, and this ambiguity aversion effect violates expected utility theory. In an experimental investigation of the effect of urn size on ambiguity aversion, 149 participants showed similar levels of aversion when choosing from urns containing 2, 10, or 100 balls. The occurrence of a substantial and significant ambiguity aversion effect even in the smallest urn suggests that influential theoretical interpretations of ambiguity aversion may need to be reconsidered.
DOI Link: 10.1027/1618-3169.55.1.31
ISSN: 1618-3169
eISSN: 2190-5142
Version: Post print
Status: Peer reviewed
Type: Article
Rights: Copyright © 2008 Hogrefe and Huber Publishers. Deposited with reference to the publisher's archiving policy available from the SHERPA/RoMEO website. This article does not exactly replicate the final version published in the journal 'Experimental Psychology'. It is not a copy of the original published article and is not suitable for citation.
Appears in Collections:Published Articles, School of Psychology

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