We analyze the stability of ambiguity preferences experimentally, by repeatedly eliciting ambiguity attitudes towards multiple 3-color Ellsberg urns over a period of two months. 57% of the choices show stable preferences over the time which is significantly higher than random choices would suggest, but significantly lower than the level of consistency in a control treatment without a time lag (71%). Over the same time frame, we do not find a significant change in risk preferences. Interestingly, for subjects who are able to recall their ambiguity decision after two months correctly, the share of consistent choices does not drop significantly over time.
Massier, Philipp and Daniel Römer (2012), On the Obligation to Provide Environmental Information in the 21st Century – Empirical Evidence from Germany, University of Heidelberg Department of Economics Discussion Paper Series No. 524, Heidelberg. Download