, while heterogeneity in experience further affect risk taking through beliefs about individuals' own outcomes such as luck …

-additive survival beliefs expressing ambiguity attitudes. We embed these neo-additive survival beliefs as decision weights in a Choquet … expected utility life-cycle consumption model and calibrate it with data on subjective survival beliefs from the Health and … Retirement Study. Our quantitative analysis shows that agents with calibrated neo-additive survival beliefs (i) save less than …

adopt a Bayesian learning model of ambiguous survival beliefs which replicates these patterns. The model is embedded within … survival beliefs (i) save less than originally planned, (ii) exhibit undersaving at younger ages, and (iii) hold larger amounts …

experimental evidence that beliefs about the duration of the stock market recovery shape households' expectations about their own …

This paper investigates beliefs in an ambiguous environment. In contrast to many previous studies, the beliefs … regarding possible scenarios are measured independently from attitudes. We use laboratory experiments to estimate the entire … distribution of subjective beliefs and examine how beliefs are updated, incorporating new information. We find that beliefs and …

Decisions under ambiguity depend on the beliefs regarding possible scenarios and the attitude towards ambiguity. This … paper exclusively focuses on beliefs, and beliefs are measured independently from attitudes, in contrast to many previous … studies. We use laboratory experiments to estimate the subjective belief formation and belief updating process in an ambiguous …