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Hedging, ambiguity, and the reversal of order axiom

Oechssler, Jörg ; Rau, Hannes ; Roomets, Alex

Games and economic behavior, 2019-09, Vol.117, p.380-387 [Periódico revisado por pares]

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Título:
Hedging, ambiguity, and the reversal of order axiom
Autor: Oechssler, Jörg ; Rau, Hannes ; Roomets, Alex
Assuntos: Ellsberg paradox ; Experiment ; Hedging ; Reversal of order axiom
É parte de: Games and economic behavior, 2019-09, Vol.117, p.380-387
Descrição: We ran experiments that gave subjects a straight-forward and simple opportunity to hedge away ambiguity in an Ellsberg-style experiment. Subjects had to make bets on the combined outcomes of a fair coin and a draw from an ambiguous urn. By modifying the timing of the draw, coin flip, and decision, we are able to test the reversal-of-order axiom. Our main result is that the reversal-of-order axiom seems to hold. We also confirm low levels of ambiguity hedging despite the relative obviousness of the opportunity.
Editor: Elsevier Inc
Idioma: Inglês

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