Ellsberg

To test the effectiveness of different ambiguity models in representing real decision-making under ambiguity, we ran an incentivized experiment of choice under ambiguity. The study involved 310 participants recruited using the online international labor market, Amazon Mechanical Turk (MTurk), to participate in an experimental study implemented on the survey platform, Qualtrics. Each of the 310 subjects made 150 preference choices between two options involving variations of the four ambiguity problems with varying levels of ambiguity and risk.