This paper proposes that the ambiguity reflected by a set of priors remains unchanged when the set is translated within the probability simplex, i.e. ambiguity is location invariant. This unifies and generalises numerous influential definitions of ambiguity in the literature. Location invariance...

We study business uncertainty in high- versus low-volatility environments by surveying over 31,000 managers across 41 countries. We elicit subjective probability distributions for future own-firm sales and measure firm-level uncertainty with their mean absolute deviations. Analogously, we...

We propose the Virtual Bingo Blower (VBB) as a way to generate credible risk and ambiguity in computerized experiments. Using a physics engine-a computer simulation of a physical system-the VBB simulates a conventional bingo blower. Different aspects of the VBB, such as the number of balls,...