Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/162415 
Erscheinungsjahr: 
2017
Schriftenreihe/Nr.: 
Working Paper No. 207
Versionsangabe: 
Revised version, May 2017
Verlag: 
University of Zurich, Department of Economics, Zurich
Zusammenfassung: 
Most models of ambiguity aversion satisfy Anscombe-Aumann's Monotonicity axiom. Monotonicity imposes separability of preferences across events that occur with unknown probability. We construct a test of Monotonicity by modifying the Allais paradox to a setting with both subjective and objective uncertainty. Two experimental studies are conducted: while study 1 uses U.S. online workers and a natural source of ambiguity, study 2 employs European students and an Ellsberg urn. In both studies, modal behavior violates Monotonicity in a specific, intuitive way. Overall, our data suggest that violations of Monotonicity are as prevalent as violations of von Neumann-Morgenstern's Independence axiom.
Schlagwörter: 
Ambiguity aversion
monotonicity
Anscombe-Aumann
Allais paradox
experiments
JEL: 
D81
Persistent Identifier der Erstveröffentlichung: 
Dokumentart: 
Working Paper

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