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Yusufcan Masatlioglu, Emel Ozbay & Erkut Ozbay

Abstract: We report experimental results showing that subjects have persistent preferences over the size of a jar when the distribution of beads in the jars is ambiguous. Subjects tend to choose to bet on jars with a larger number of beads. Further we show that the result is robust when we control for ratio bias for even chances. However, none of the models of ambiguity are tailored to capture such preferences. We argue how the existing models of ambiguity can be modified to capture our findings.

Update: We have finished to run the first part of experiments for this project. We are currently working on finalizing manuscript so that it is ready for submission. The paper is presented by my co-authors in different places.