Comparative Ignorance and the Ellsberg Phenomenon

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Abstract

The "Ellsberg phenomenon" has played a significant role in research on imprecise probabilities. Fox and Tversky [5] have attempted to explain this phenomenon in terms of their "comparative ignorance" hypothesis. We challenge that explanation and present empirical work suggesting an explanation that is much closer to Ellsberg's own diagnosis

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Horacio Arlo-Costa
Last affiliation: Carnegie Mellon University
Jeffrey Helzner

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