SFB 303 Discussion Paper No. A - 383

Author: Mangelsdorff, Lukas, and Martin Weber
Title: Testing Choquet Expected Utility
Abstract: Many theories have been developed to model decision behavior under ambiguity. In this paper we empirically investigate theories which are based on non-additive probabilities, i.e. Choquet expected utility (CEU) theories. We first replicated Ellsberg-paradox behavior. Then we elicited the individual non-additive probabilities, the so called capacities. Those capacities did not have all properties theoretically required. Finally, we found that CEU is not really superior to EU in predicting the participants' decisions.
Keywords: Ellsberg paradox, ambiguity, Choquet expected utility, non-additive probabilities, experimental economics
Creation-Date: July 1992
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