Comparative Ignorance and the Ellsberg Phenomenon

The “Ellsberg phenomenon” has played a significant role in research on imprecise probabilities. Fox and Tversky [7] have attempted to explain this phenomenon in terms of their “comparative ignorance” hypothesis. We challenge that explanation and suggest that our recent empirical work suggests an explanation that is much closer to Ellsberg’s own diagnosis. Keywords. Ellsberg, comparative ignorance, ambiguity aversion

• Type: Conference
• Year: 2005
• Where: ISIPTA
• Authors: Horacio L. Arló-Costa, Jeffrey Helzner
• Keywords: Comparative Ignorance, Ellsberg Phenomenon, Imprecise Probabilities, ISIPTA 2005, Mathematics