I realize that my first answer may be buggy (or at least I need to fix the issue), so here are 2 alternatives, with or without addon, I don't know if it will fit your needs though, as you ask for realism:

With the ***Wiggle Bones addon***:

- Create your mesh and armature. Download the *Wiggle Bones* addon created by Shteeve [here][1]. In *Pose* mode, select each of the ear bone and go in the *Properties* panel > *Bone* and enable the *Wiggle Bone* option, play with the parameters.

[![enter image description here][2]][2]

***Without addon***:

- Create an edge, each of its vertex must stick to each bone's head and tail. Assign it a vertex group, the bottom vertex must have a weight of 1, the second a weight of 0.7, the last one a weight or 0.2 or 0.1.
- Give this edge a *Physics > Cloth* and in the *Physics Shape* panel, choose the group as *Pin Group*.
- Create an empty for each vertex, parent each empty to its vertex (select the empty, shift select the edge, go in *Edit* mode, press <kbd>Ctrl</kbd><kbd>P</kbd> > *Make Vertex Parent*).

[![enter image description here][3]][3] 

- Give each bone an *IK* constraint and give it as *Target* the empty its pointing to. Choose a *Chain Length* of 1.
- Parent the edge to the head bone.

[![enter image description here][4]][4]


  [1]: https://blenderartists.org/t/wiggle-bones-a-jiggle-bone-implementation-for-2-8/1154726?u=peetie
  [2]: https://i.sstatic.net/gTlKQ.jpg
  [3]: https://i.sstatic.net/hzXcT.jpg
  [4]: https://i.sstatic.net/gyCDd.jpg