Incentivized experiments in which individuals receive monetary rewards according to the outcomes of their decisions are …

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 …

experiments how much effect each factor can induce. We apply both non-parametric and parametric methods to cleanly separate the … degree of ambiguity is high. As information accumulates, ambiguity premiums decrease. We also find that beliefs do influence … prices under ambiguity. This is not because beliefs are biased towards either good or bad scenarios per se, but because …

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 …

life-cycle consumption and savings. According to numerous studies on subjective survival beliefs, young people also … economics approach to jointly address both empirical phenomena by embedding subjective survival beliefs that are consistent with …

-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 …

. This relationship holds for arbitrary survival beliefs and time-discount factors. Quantitatively, the difference in saving …

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 …

historically high inflation. Investors' beliefs about the stock return-inflation relation are very heterogeneous in the cross …