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 …

Prior studies have shown that individuals are averse to ambiguity in probability. Many decisions are, however, made in … paper, we extend the previous research to evaluate the effect of ambiguity on individual decisions and the resulting market … price in market settings. We therefore examine an important issue: whether ambiguity effects persist in the face of market …

We propose that ambiguity aversion, as introduced in the literature on decision making under uncertainty, drives a …-established brands. In five experiments, we examine the role of ambiguity aversion in the preference for dominated, established brands …. We first show a correlation between ambiguity aversion (revealed through choices among monetary lotteries) and the …

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