On the choice problem in two-dimensional Ellsberg experiment with randomness and uncertainty

ABSTRACT

The classical Ellsberg experiment provides decision-makers with a choice problem in which the likelihood of winning the gambling is uncertain. In this paper, we consider a two-dimensional Ellsberg experiment in which the likelihood of winning the gambling and the income after that are both uncertain, establish a mathematical model to characterize the corresponding Ellsberg experiment and solve the choice problem based on probability theory, uncertainty theory, and chance theory.

KEYWORDS:

• Uncertainty theory
• chance theory
• urn problem
• Ellsberg experiment

Disclosure statement

No potential conflict of interest was reported by the author(s).

Additional information

Funding

This work was supported by the National Natural Science Foundation of China [grant numbers 72071008 and 61873329].