Ellsberg Problem Experiment Data on Ambiguity and Rationality

An experiment embedded the Ellsberg problem in various scenarios to test implicit assumptions under ambiguity. Results showed more participants chose rationally when scenarios suggested a normal probability distribution. The dataset likely contains experimental trial data from this study by Şule Güney of UNSW Sydney.

Use Cases

• Modeling ambiguity aversion based on experimental scenario results.
• Testing predictions of Expected Utility Theory against observed choices.
• Analyzing how explicit probability distribution information influences rational choice.

Strengths

• Data is derived from a controlled experiment testing a specific hypothesis.
• Results provide insight into implicit assumptions leading to normative choices.

Limitations

• Column-level documentation is absent; field semantics must be inferred after download.
• Row count is unknown, which may limit suitability assessment.
• Last update date is unknown; freshness unverified.

Provenance

Source

Şule Güney, UNSW Sydney

Collection Method

Experimental study embedding the Ellsberg problem in various scenarios.