We model and solve best choice problems in the multiple prior framework: An ambiguity averse decision maker aims to … choose the best among a fixed number of applicants that appear sequentially in a random order. The agent faces ambiguity … strategy is simple. Ambiguity can lead to substantial differences to the classical threshold rule. Copyright Springer …

-order ambiguity with the canonical models of (first-order) ambiguity aversion and provide a further generalization of SOSEU by …

ambiguity averse players. In a setting where players’ preferences are represented by maxmin expected utility, as characterized … maximizing players. Our analysis shows that ambiguity aversion can lead to behavioral implications that are distinct from those …

This paper studies the “dual” theory of the smooth ambiguity model introduced by Klibanoff et al. (Econometrica 73 …:1849–1892, <CitationRef CitationID="CR14">2005</CitationRef>). Unlike the original model, we characterize attitudes toward ambiguity captured … by second-order probabilities. First, we give a set of axioms to derive a dual representation of the smooth ambiguity …

. Second, the paper introduces aversion to non-risk uncertainty (ambiguity). I show a close formal similarity between the model … smooth ambiguity aversion. I merge the models, achieving a threefold disentanglement between risk aversion, ambiguity …

In order to analyse the effect of ambiguity and uncertainty aversion on equilibrium welfare, a two period, pure …

`ambiguity' is subjective and derived from preferences. …