by the Bayesian model, thus motivating the new model (1). The experiment is related to the well-known Ellsberg paradox … information has three key effects. First, it induces ambiguity-averse be- havior, typified by the Ellsberg Paradox. In particular … thought experiment — related to the Ellsberg Paradox — in order to clarify the concept of ambiguous information and our …

Experimental results on the Ellsberg paradox typically reveal behavior that is commonly interpreted as ambiguity …

behavior that is consistent with experimental evidence typified by the Ellsberg Paradox. They imply that an ambiguity averse … returns. The paper is organized as follows. Section 2 presents a simple thought experiment — related to the Ellsberg Paradox … classic Ellsberg Paradox thatwasthestartingpointforthelarge experimental literatureonambiguity. Asecond …

, the Ellsberg paradox, and uncertainty aversion …