objective when there is concern about parameter uncertainty or model ambiguity. The optimal relative regret portfolio is the one …

preference reversals under ambiguity (unknown probabilities). Subjects were asked to make a binary choice between ambiguous P … not only replicated under ambiguity but are even stronger than are those under risk. This is due to higher elicited prices … for the $-bet and lower elicited prices for the P-bet under ambiguity than under risk. This result can be explained by the …

assets, and Markowitz, who advocates diversification. We use the concepts of ambiguity and ambiguity aversion to formalize … optimal portfolio depends on two quantities: relative ambiguity across assets and the standard deviation of the expected …

provides researchers with a way to give subjects the experience of ambiguity. In any experiment, learning the distribution from …

attitude, increased customer satisfaction, and increased cost awareness. Descriptively, ambiguity seeking was found rather than … ambiguity aversion, and no risk aversion was found for loss outcomes. Both findings, obtained in a natural decision context …

the level of perceived ambiguity concerning the relevant probability. The net effect of the adjustment (i.e., up or down … face of risk, fourteen predictions are derived concerning attitudes toward risk and ambiguity as functions of different … ambiguity for losses. The theory and results are discussed in relation to other experimental evidence, future tests of the …

-dependent utility. These weighting functions capture risk attitudes, subjective beliefs, and ambiguity attitudes. Our method, called the … is particularly useful for measuring ambiguity, i.e., the difference between uncertainty and risk. Compared to existing … methods to measure weighting functions and attitudes toward uncertainty and ambiguity, our method is more efficient and can …

the adequacy of the available information about states of the world and action effects. We express uncertainty, ambiguity …