The Savage and the Anscombe–Aumann frameworks are the two most popular approaches used when modeling ambiguity. The …

The paper studies the impact of informational ambiguity on behalf of informed traders on history-dependent price …:538–567, <CitationRef CitationID="CR6">2008</CitationRef>), we use neo-additive capacities to model ambiguity. Such ambiguity and attitudes …

long horizons. We present an experiment comparing decision making under certainty, risk, and ambiguity, over a shorter … lifecycle. Results show that behavior in the ambiguity treatment is markedly different than in the risk condition and it is …

We survey the literature that has explored the implications of decision-making under ambiguity for financial market … outcomes, such as portfolio choice and equilibrium asset prices. This ambiguity literature has led to a number of significant …

This article deals with the impact of governmental assistance on insurance demand under ambiguity, i.e., in situations … where probabilities are uncertain. First, using a model of insurance demand under ambiguity, we derive theoretical … ambiguity. Second, we present the results of an experiment designed to test these predictions. We find support for several of …